August 12 USDA Report Recap

See our infographic of the August 12 USDA Crop Report. (Click to view larger image)

Watch Steve Freed’s reaction to the August 12 Crop Report here.

  • USDA surprised the grain market again with a much higher estimate of US corn acres, yield and production than expected.
  • Corn futures are down the 25 cent limit. US 2019 corn yield is now 169.5 vs 164.9 expected.
  • U.S. 2019/20 corn carryout is now 2,181 mil bu vs 1,620 expected and 2,010 last month.
  • U.S. 2019 soybean crop was lower than expected and 2019/20 carryout was below the average trash estimate but USDA also lowered 18/19 US crush and 19/20 exports. SX is down 6 cents. WZ is down 17 cents.
  • World global 2019/20 global wheat stocks dropped from 286.4 mmt to 285.4. World corn stocks are now 307.7 mmt vs 298.9 in July. World 2019/20 soybean end stocks are now 101.7 vs 104.5 last month.
  • USDA estimated China 2018/19 soybean imports near 83.0 mmt vs 94.1 last year. USDA estimates China 2019/20 imports at 85 mmt vs 87 previous.

Questions about the report? Give us a call, we’d be happy to chat. 844-472-4601.

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2019-08-12T18:44:16+00:00 August 12th, 2019|