Today's WASDE report was considered bearish for corn because the national average corn yield of 122.8 bushels per acre was larger than the average analyst estimate of 120.6 bushels per acre. As commonly occurs, the bullishness or bearishness of a USDA report is usually judged by how it relates to the average of analysts' estimates. However, please consider the following factors:
USDA did reduce the average U.S. corn yield, and there are still several more estimates before the final is given. The slight 83 million bushel increase in 2012/13 ending stocks to 733 million bushels made no significant change in the corn balance sheet. The primary reason for the increase in 2012/13 ending stocks was a 160 million bushel increase in beginnin...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
Tomorrow is the Juneteenth federal holiday, and the USDA, along with the rest of the federal government and the CME, will be closed, so the monthly Cattle on Feed report was released a day early. The total number of cattle on feed in feedlots with 1,000 head or more capacity on 1 June amounted...
