USDA shocked the market this morning as it projected the national corn yield at 153 bu./acre. Leading up the report, Jerry Gulke, President of the Gulke Group, says the market was trading yield expectations in the 155 bu./acre range.
They’ve recognized there’s a problem out there. I think they wanted to get ahead of it a little bit for fear of being criticized,” Gulke says. “They left the acres the same, but lowered the harvested acres by 500,000. What was interesting in the corn was they didn’t lower any of the acres in those four states (North Dakota, South Dakota, Montana and Minnesota) they resurveyed.”
Interestingly, the majority of the prevent planting in those states was in the Durum and spring wheat markets. Corn carried the spring in the traditional wheat markets of the northern plains.
Matt Bennett with AgMarket.Net says corn and soybean market was removing weather premium Friday with rains falling over portions of the Western Corn Belt Thursday evening and moving to east.
As extreme drought fuels a fire that has jumped rivers and state lines, ranch families and volunteer fire crews are directing the flames away from ranches the best they can.
