News Details

USDA Sept 2019 WASDE, 19/20 U.S. corn (168.2 bpa) & soybean (47.9) yields lower than Aug, but above trade guess. Report was market-friendly.....

(Sep 12, 2019)
Corn yield came in at 168.2 bpa vs. 169.5 in Aug & 167.2 expected. soybean yield came in at 47.9 bpa vs. 48.5 Aug. & 47.2 expected. Acreages were unchanged. 

19/20 U.S. ending stocks for soybeans come in below trade guesses on increased old-crop exports and a smaller harvest. Corn came in a little higher, as old-crop exports were reduced. New-crop corn and bean exports unchanged. Wheat came in as expected, exports unchanged. 
19/20 U.S. ending stocks for soybeans come in below trade guesses on increased old-crop exports and a smaller harvest. Corn came in a little higher, as old-crop exports were reduced. New-crop corn and bean exports unchanged. Wheat came in as expected, exports unchanged. 

U.S. corn ear populations are the lowest since at least 2012. Implied ear weight is lowest since 2015, well above 2013, and looks like just above 2014. Below the past three years, though. 

USDA NASS objective yield survey for U.S. soybeans found the fewest pods since at least 2012, but massively large implied pod weights.

18/19 old-crop world ending stocks for corn and wheat increased from August while soybeans decreased. Corn and beans down from Aug in 19/20 but wheat up.

Maurizio “Moe” Agostino
Moe is the Chief Commodity Strategist. He is responsible for developing plans and assisting clients in the feed, grain and livestock industry to help them protect themselves from commodity price swings. Moe holds a Derivatives Market Specialist (DMS) designation as well as an Honors Degree in Business Administration. Moe has more than 15 years of financial services industry experience.