Farmers and market watchers anticipate seeing some big reports unveiled on Friday as the annual Crop Production Summary is released, AgDay-TV shared earlier today.
One question on farmers’ minds is whether the 2024 corn and soybean crops were as big as many of them and market watchers thought.
Rich Nelson, chief strategist with Allendale, Inc., told AgDay the numbers will likely be a little lower but not far off from what was expected.
“Trade is expecting a small decline in corn numbers, likely a drop from 183.1 bushels per acre to 182.7, and we agree with that. We’re at 182.6,” Nelson says. “So the starting point for corn is a slightly lower production discussion.”
For soybeans, Nelson says trade also anticipates a minimal decline of maybe 8 million bushels lower for production.
Will There Be A Change In Demand?
Kent Beadle, with Paradigm Futures, says a change in demand is unlikely for wheat or beans, with wheat carry out projected at 800 million bushels and soybeans at 457 million bushels, down just 13 million. But corn demand could be raised, cutting ending stocks.
“I do think that we’re going to have increases in demand for corn,” Beadle says. “We should see ethanol grind go up more. We should see exports go up a little bit more.”
While USDA will be providing the final production report of the marketing year on Friday, it’s only one of several reports released which includes WASDE, Winter Wheat Seedings and Quarterly Stocks. Watch the video for AgDay’s latest insights on those reports and more.
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