For the seventh consecutive day, the USDA announced yesterday 198,000 tons of beans were sold to the unknown.
The weather still looks to be hot and dry across much of the Corn Belt through next weekend.
As of this morning, we expect Tuesday’s USDA corn and bean crop conditions to lose 2 to 3% out of the top two categories, but after the weekend, we may be expecting 3 to 4 or even 5% decline.
A few days after the August USDA Crop Report, FSA released its certified acreage numbers which indicated there were about 650,000 more acres of corn planted than reported by USDA on June 30th. There are some market gurus who think 650,000 acres of more corn will offset any yield loss on USDA’s September 12th Crop Production and S&D Reports. Let’s check the math:
650,000 acres at 170 bushels per acre = about 111 million bushels.
2 bushels less yield on 86.5 million acres harvested for grain = 173 million bushels.
3 bushels less yield on 86.5 million acres harvested for grain = 260 million bushels.