Highlights, USDA S&D, Markets & Rain Days Update 10/13/22
Yield Report from far west Iowa:
I’d say a good chunk of western Iowa pretty much all of the river bottom corn is subpar. I know you said you can’t seem to find any but we have a lot. Anything that is not irrigated is terrible. Our first field of dry land corn made 38 BPA. Last year the same field made 235. The field we’re currently on did 275 2 years ago. Our field average currently is 115. Our irrigated ground is very good under the water, but the corners e pretty well non-existent. Our first irrigated field under the pivot averaged 307, but the whole field average was 245 due to the corners. There’s plenty of terrible corn on the river bottom, but you get 15 miles or so into the hills and yields drastically increase.
Nothing from yesterday's USDA reports changed our long term price outlook.
The USDA reduced the corn yield by six-tenths of a bushel from September to 171.9 bu. The market expected a yield of 171.8. A bit of a surprise was they reduced the 2021 corn crop by 41 million bushels. Every year, the USDA low-balls corn for feed use until the end-of-the marketing year inventory report. Every week, we see the broiler numbers compared to the previous year and the hog and cattle slaughter. Every month, we get the turkeys, cattle, and the layer hens on feed compared to a year ago. Every three months, we get the number of hogs on farms compared to a year ago.
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