Following are the key estimates from the November 2017 WASDE:
2017’s yield magic continues. USDA/NASS raised its estimated U.S. average corn yield to a record 175.4 bushels/acre (BPA), which is 0.8 BPA higher than last year’s record. Two back-to-back corn yield records is a highly unusual occurrence. It makes us wonder what the result would have been had better weather conditions prevailed last summer. The higher yield on unchanged harvested acres bumped estimated U.S. corn production up to 14.578 billion bushels. Today’s corn production estimate along with stocks carried over from 2016/17 mean that total U.S. corn supplies for 2017/18 are virtually identical with those available last year. This encourag...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...