Jeff Peterson with Heartland Farm Partners breaks down the acreage and yield estimates released in the World Agricultural Supply and Demand Estimate in a special edition of Trading Bits & Bytes.
USDA surprised the market Monday by increasing corn production to 13.9 billion bushels and raising the average national yield by more than 3 bushels to 169.5 bushels an acre.
Farmers planted 76.7 million acres to soybeans, according to USDA’s revised planting survey. With a national average yield of 48.5 bpa, total production is forecast at 3.68 billion bushel. The production estimate is a 19% drop from last year, and while within the range of pre-report estimates, the production figure was toward the low end.
Monday’s new U.S. ending stocks estimates were bearish for corn and neutral for soybeans and wheat, said DTN Lead Analyst Todd Hultman. The 2019-20 world ending stocks estimates from USDA were bearish for corn, bullish for soybeans and neutral for wheat, he said.
Access the full reports here:
- Crop Production: https://www.nass.usda.gov/…
- World Agricultural Supply and Demand Estimates (WASDE): http://www.usda.gov/…
- Rural Radio Network