The Daily Grain
An opinion blog
Crop Report - 8/12 08/12/19 2:33:33 PM
Corn production increased 26 million bu from July to a total of 13.9 billion bu. Although both planted and harvested acres are down, this is expected to be made up by an increase in yields up 3.5 bu from last month’s prediction at 169.5 bu/acre. Along with greater corn supplies, the USDA is also estimating reduced exports and reduced ethanol. Corn used for ethanol dropped 25 million bushels to 5.475 billion. All these factors result in a greater carryover which caused corn to drop the trading limit today, 25 cents.
Soybean production is down from what they predicted in July by 165 million bu. Acres planted and acres harvested are also down from last months. Ohio and South Dakota account for almost half of this reduction. Soybean yields stayed the same at 48.5 bu/acre but are still down 3.1 bushels from last year. Lower production is somewhat offset by higher beginning stocks and less demand (mainly due to china). Soybean exports were reduced by 100 million bushels.
Wheat production resulted in greater supplies than predicted last month. US wheat production increased 59 million bushels. Estimated food use was lowered 5 million to 960 million while feed and residual use increased 20 million due to a larger wheat supply and higher prices. Wheat exports also increased 25 million bu due to a decrease of supply in major wheat countries such as the EU, Kazakhstan, and Russia. As a result, carryout was increased from last month, but is still down 5% from last year.
*Information gathered from https://www.usda.gov/oce/commodity/wasde/wasde0819.pdf