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USDA report was very bearish this morning for both corn and soybeans. The 2014/2015 carryout ends on Aug 31st. The corn number of 1.772 bln bushels was in line with the average trade guess. The soybean guess of 240 mln bushels was 7 mln less than the trade was anticipating. The big difference was in the upcoming marketing year vs last month’s numbers. The corn yield was increased 2.0 bu/acre on 81.1 mln acres of corn being harvested. This increased next year’s carryout to 1.713 mln bushels. Soybean production was also increased .9 bu/acre on 83.5 mln acres. The harvested acres figure is down a million from the July figure. 2015/2016 bean carryout jumps from 425 mln to 470 mln bushels. Weather will be the main focus of the trade the balance of the growing season. Everyone could use some August rain to finish the crop. Basis numbers backed off before the report. We could see these figures bounce back. No corn or beans were bought after the numbers were released. Next USDA report is Friday Sept 11th. Friday the catwalk from the new receiving leg back to the cement elevator will be set in place. The actual drier is to arrive on Monday with the building crew set to arrive late next week. Harvest will be here before we know it. |
