Analysts will be watching corn yields when the August WASDE report drops today. Early signs show USDA is poised to raise its average yield estimate, which could send markets reacting fast.
Our friend Oliver Sloup with Blue Line Futures explains why he will be watching this area.
“The average yield estimate is going to be the big headline number that we’re looking at for corn that comes in at 184.3, well above where the USDA was last month at 181. So I suspect that we’ll probably trade that WASDE report there for maybe an hour or so. We’ll talk about the headline risk, and then I think a lot of the attention is going to turn towards the crop tour that starts next week as well, which will be on and will be starting on the eastern leg. So it’ll be good to get some boots on the ground, really across the whole corn belt to kind of get a better idea of what’s actually out there. We’ve heard of some potential pollination issues, you know, how widespread is that? Still to be determined. So, again, it’s going to be good to get out there in the field and see for ourselves.”
Farmers await concrete trade commitments from China. Until then, export prospects for soybeans, corn, and sorghum remain uncertain against strong South American competition.
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Year-round sales of E-15 are another major topic on Capitol Hill, which, according to Rep. Adrian Smith (R-NE), is one issue up for debate this session with significant bipartisan support.
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American Soybean Association President Caleb Ragland joins us to share his reaction to September’s WASDE and discuss the trade uncertainty between China and his industry.
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Harvested acres are estimated at 90.0 million, making this year’s corn crop one of the largest since the 1930s.
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The September WASDE report comes out on Friday at Noon ET. As always, we’ll bring you those numbers right here on Market Day Report along with our expert
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Pressure to lower gas prices across the Golden State could be the saving grace of this year’s corn harvest. California may soon be the final U.S. state to approve E-15 sales.
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This Week in Louisiana Agriculture shows us why breaking even is going to be a challenge for corn producers across the state.
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Farmers are struggling with low commodity prices and skyrocketing input costs, resulting in debt that is outpacing income across the sector, according to the USDA’s new farm income forecast.
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