USDA came in on Friday and showed a slightly lower U.S. corn yield with a slightly higher U.S. soybean yield, which surprised the trade. Planted acreage for corn and soybeans came down slightly and USDA took a big chunk out of Europe’s corn crop due to drought. Otherwise, most of the numbers came in pretty much as expected. After an initial downside reaction in the grains, we rallied to finish mixed to higher in grains with corn and soybeans mostly higher. Wheat was a bit more mixed as it saw Russia’s wheat crop increase and more rains in the forecast for the Plains in the 6-14 day forecast. Livestock trade was choppy and lower on the day as we saw a friendly WASDE for beef and not so friendly for pork. Overall, livestock just kind of drifted to wrap up the week.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Ted Seifried of Zaner Ag Hedge on today’s Market Talk with Jesse Allen. The show also features thoughts on the report and risk management insight with Mike Kruse of Ag Consulting Group and our Midday Commentary with WASDE reaction from Arlan Suderman of StoneX:
