See our infographic of the July 11 USDA Crop Report. (Click to view larger image)
Watch Steve Freed’s reaction to the July 11 Crop Report here.
Post USDA Report Synopsis
The market reaction to the July USDA Supply and Demand Report was initially negative as prices plunged immediately after its release, in the end however the report held few surprises. The carryover estimate for old crop corn increased on the back of lower usage estimates in both exports and feed use. The export decline was not a surprise as the pace for sales has been running below the USDA projection and may actually get cut again over the next two months if sales don’t pick up. The focus of the market quickly shifted back to supply concerns and closed well of its daily lows. All eyes are now on weather, as we near a drawn out pollination period across the corn belt and the upcoming August 12th USDA Supply and Demand Report. Although the USDA announced in March that no “Objective Yield Data” will be made available in August, as it normally has been, they will be providing the results of their 14 state re-survey of acres that will be watched very closely by the trade. In addition, a few days after the USDA report FSA data will be made available that will give us our first real look at Prevent Plant acres for 2019. Look for the markets to heat up with the weather as we flip the calendar to August.
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