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The newest estimates of the U.S. corn and soybean crops are in, and the numbers are barely decrease than anticipated.
Vital drought in a big space of the U.S. is dragging down the US Division of Agriculture’s projected common corn yield, now pegged at 174.6 bu/ac down from 179.5 bu/ac a month in the past.
Soybean crop production was additionally dialled again .8 bu/ac to a good 50 bu/ac.
Preliminary buying and selling was constructive for each corn and soybean costs.
Ending inventory projections for corn had been adjusted downward and settled in slightly below 1.2 billion bushels
The 2021/22 world oilseed provide and demand forecasts embrace decrease production, crush, exports, and barely increased ending shares in comparison with final month. The WASDE pegs non-U.S. oilseed production down 3.6 million tons to 501.4 million, reflecting decrease canola production for Canada and sunflowerseed for Russia. The U.S. is estimating Canada’s canola crop shrunk by 4.2 million tonnes.
Proportion Change in US State Degree Corn Yields from 2020 Closing Yield. pic.twitter.com/wZ54nyHhHY
— Ben Brown (@BenBrownMU) August 12, 2021
The outlook for new-crop U.S. #corn carryout at 1.242 billion bushels is the smallest for this level in the cycle in 9 years. Previous-crop carryout at 1.117 bbu is an 8-year low, however USDA this month elevated that quantity for the primary time in a 12 months after a requirement trim. pic.twitter.com/LxKi3iPaug
— Karen Braun (@kannbwx) August 12, 2021
See the total report, right here.
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