Thursday, 22 August, 2019

USDA Fairly Aggressive on Dropping Corn Yield and Production

Western Canadian CPS wheat prices have tracked U.S. winter wheat prices Corn Weather Woes May Be Passed on to U.S. Livestock Farmers
Jean Garcia | 13 June, 2019, 20:37

"Pork production is lowered from last month primarily as the pace of slaughter to date has been slower than expected".

Chicago Board of Trade (CBOT) agricultural futures settled higher on Tuesday, with corn rising almost 3 percent, as a monthly demand and supply report sharply lowered USA production estimates. Analysts expected 14.04 billion on average.

Citing declining cow numbers and slowing growth in milk output per cow, the USDA cut its 2019 milk production forecast. That would be the smallest harvest in four years. July soybeans were up 2.25 cents, or 0.26 percent to 8.585 dollars per bushel and the most active corn contract for July delivery was unchanged at 4.1575 USA dollars per bushel.

The drop, along with a 3 percent decrease in the USDA's expectation for how many acres farmers will plant, left the government's production estimate at 13.68 billion bushels.

CBOT's most active wheat contract fell 1.5 percent to $4.97 a bushel while September wheat on Paris-based Euronext was down 0.8 percent at 177.50 euros a tonne.

ICC wont change bails despite wicket problems
The teams and captains are not happy with the frequency of bails remaining where they are despite the ball hitting the stumps. Or are the bails heavier than their wooden predecessors? The makers of the bails don't understand the glitches, either.

Concerns about planting delays last month drove corn futures to a three-year high. Prices have since eased, but farmers remain anxious that the planting problems will reduce their profits as the sector is grappling with an ongoing U.S.

The weekly crop progress report is seen showing USA soybean plantings around 55 to 57 percent complete, up from 39 percent last week but well behind last year's 93 percent.

Argentina corn production is raised on increased area with higher prices.

Chicago Board of Trade (CBOT) wheat and soybeans futures closed higher on Monday, as traders had their eyes on two updated reports respectively on the latest export inspection and crop progress.

"If the weather gives us any reason to think 166 (bushels per acre) isn't possible, then oh boy things could really get exciting", Seifried said.

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