Last week we asked the rhetorical question “how big is big” as it applies to the U.S. and world grain and soybean supply and demand estimates for 2019/20 and 2020/21. Yesterday, USDA and NASS provided their latest answers when the August WASDE was released. To summarize their answers, “big” is very big and in some cases bigger than ever before. For example:
NASS’s national average corn yield estimate is 181.8 BPA which is about 1.5 BPA higher than the average trade guess and a new record by a fair margin.
The national average soybean yield is put at a record 53.3 BPA. This is about 1.5 BPA above the average trade guess and even tops the highest trade guess reported by wire services.
U.S. corn pro...
What You Need to Know Today: President Trump suspended the planned attacks on Iran and announced that the pieces for a framework for peace were in place in a weekend social media post. Iran, however, later said no efforts were underway to conduct negotiations with the U.S., though Oman indicat...
Key Takeaways: E15 expansion would support corn and ethanol demand by increasing domestic biofuel consumption and reducing reliance on petroleum-based fuels. Year-round E15 has gained bipartisan momentum, but the policy remains in legislative limbo as lawmakers continue to negotiate provisions...
