Yield
Arlan Suderman, StoneX Group, and DuWayne Bosse, Bolt Marketing, debate USDA’s WASDE numbers.
The biggest surprises included a 4-bu. reduction in corn yield and soybean ending stocks came in at 300 million bushels, which is 100 million bushels higher than trade estimates.
Flattened corn can often recover, stand and produce decent yields. Soybeans can shake off a storm and flourish, but beware spider mites in the next 10 days if temperatures stay 85-plus degrees with low humidity.
USDA released a few big surprises in the June acreage report, including a spike in corn acres and a large reduction in soybean acres. The agency also forecasts grain stocks below trade expectations.
Corn prices sunk as forecasts turned more optimistic for the weekend rains in the northern Corn Belt. USDA meteorologist Brad Rippey says the rains aren’t enough to change the potential production problems in Illinois.
Wednesday’s interest rate decision broke a streak of 10 straight meetings where the Fed announced higher rates. Officials say another half-a-percentage-point hike is likely yet this year.
“We are working to democratize geospatial insights for farming everywhere,” says CEO Pieter Fossel.
Planting is nearing the finish line across Iowa, Illinois, Missouri and Tennessee. Much of the soybean crop saw an early start to planting, One agronomic expert thinks the stage could be set for bigger soybean yields.
The 2023 Wheat Quality Council’s Wheat Tour across Kansas found low yields and higher abandonment than what USDA currently has penciled in with one economist on tour warning abandonment could climb even higher.
Dry conditions spurred by La Nina weighed on areas of the Corn Belt in 2022. As La Nina fades, and El Nino starts to make a return, meteorologists say the weather shift could also signal better crop production in 2023.