NASHVILLE, Tenn. (RFD-TV) — There is a whole lot of corn on hand right now, and the markets are eager to see the next World Agricultural Supply and Demand Estimate (WASDE). The upcoming U.S. Department of Agriculture (USDA) report will provide an update on yield data, which the latest reportdid not address.
Economist Naomi Blohm said traders hope for a downward revision, which would be good news for growers.
“If this corn yield number in the United States goes down in January, if there’s this weather issue in South America this winter, and if the USDA brings that yield number down, we’ve got reasons for corn futures to be able to really easily climb over $4.50,” Blohm explained. “And maybe head up towards the $5 area, which would be very welcomed for so many producers.”
Despite ample corn supplies on hand, Blohm said domestic demand has been strong, especially for ethanol. She estimated that one-third of U.S. corn supplies go to that sector, totaling about 5.5 billion bushels.
USDA’s Quarterly Grain Stocks report shows increased supplies across all major commodities, with corn, soybeans, and wheat stocks all rising compared to a year ago. Lewis Williamson with HTS Commodities discusses producer and market sentiment ahead of the key report.
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Tony St. James and StoneX’s Arlan Suderman provide real-time insight on the USDA’s annual Prospective Plantings report, which shows a shifting acreage across commodities, with farmers planning to cut back on corn and wheat while increasing soybean and cotton acres.
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The five-day auction drew up to 6,000 people and saw steady prices throughout the event
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The USDA’s upcoming reports will drop on Tuesday afternoon, giving the trade real results on acreage shifts, drought concerns, and ongoing trade tensions, adding uncertainty for U.S. farmers.
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Spring Fieldwork Advances As Weather Patterns Shift Nationwide
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Corn Refiners Association VP Kristy Goodfellow offered insight into the Feeding the Economy Report’s key findings, showing the breadth of agriculture’s economic impact and the challenges ahead.
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