Bullish 'Flavor' to Supply & Demand Report

May 10, 2018 04:00 PM
 
 

With planters still rolling across the Midwest, USDA released projections Thursday of the 2018-19 crop year for major grain crops. The National Agricultural Statistics Service (NASS) expects U.S. farmers will produce 14 billion bushels of corn this year, based on a national average yield of 174 bushels an acre.
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Corn carryover for the 2018-19 marketing year is pegged at 1.6 billion bushels.
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USDA estimates the 2018 soybean crop in the U.S. will reach 4.2 billion bushels with an average yield of 48.5 bushels an acre.
New crop ending stocks for 2018-19 are projected at 415 million bushels of soybeans.
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USDA also expects U.S, farmers will harvest the smallest winter wheat crop in more than a decade. Amid ongoing drought in the central plains and a global surplus of wheat that has depressed prices, NASS is forecasting the 2018 wheat crop at 1.19 billion bushels. If realized, that would be down 6 percent from the previous year.
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In the accompanying video, Pro Farmer Newsletter Brian Grete sorts through the data which showed a big drop in the global corn supplies.

 

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