See our infographic of the August 12 USDA Crop Report. (Click to view larger image)
Watch Steve Freed’s reaction to the August 12 Crop Report here.
- USDA surprised the grain market again with a much higher estimate of US corn acres, yield and production than expected.
- Corn futures are down the 25 cent limit. US 2019 corn yield is now 169.5 vs 164.9 expected.
- U.S. 2019/20 corn carryout is now 2,181 mil bu vs 1,620 expected and 2,010 last month.
- U.S. 2019 soybean crop was lower than expected and 2019/20 carryout was below the average trash estimate but USDA also lowered 18/19 US crush and 19/20 exports. SX is down 6 cents. WZ is down 17 cents.
- World global 2019/20 global wheat stocks dropped from 286.4 mmt to 285.4. World corn stocks are now 307.7 mmt vs 298.9 in July. World 2019/20 soybean end stocks are now 101.7 vs 104.5 last month.
- USDA estimated China 2018/19 soybean imports near 83.0 mmt vs 94.1 last year. USDA estimates China 2019/20 imports at 85 mmt vs 87 previous.
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