“A Bloomberg survey of 10 traders and analysts indicates growers could file insurance claims for about 6 million corn acres they haven’t been able to sow, almost double the record in 2013.”
– Bloomberg, May 30, 2019
USDA report expected to make or break the markets
If you are reading the news in our morning reports, you’ll know most analysts and market-watchers are expecting the Aug. 10 USDA report to bump up its yield estimates for corn and soybeans.
In its monthly supply-demand reports of the past three months, the US government has been projecting an average corn yield of 174 bu/acre and an average soybean yield of 48.5 bu/acre. These projected yields are based on calculations taken from previous years with an adjustment factor for a rising yield trend.
Importantly, the Aug. 10 report will be different: it will be based on surveys and field-gathered data. A lot of predictions are circulating about what it will say.
“Thursday’s USDA supply-demand update pegged the average corn yield at a record high 175.4 bu/acre, up a major 3.6 bu from the October estimate and easily blowing past the average pre-report trade guess that had the yield at just 172.3 bu.”
– Syngenta website, Nov. 9, 2017