Farm Progress

Farm Progress America, September 18, 2023

Mike Pearson examines the latest WASDE report produced by the USDA and what it means for the grain markets.

September 18, 2023

Mike Pearson takes a look at latest WASDE report released September 12. There were some surprises in it. Farmers and commodity traders expected the crops sizes to be down to yield. What they didn’t expect was the increase in acreage planted.

So the WASDE report showed more acres of beans and corn, but weather continues to take a toll on the crops.

Prolonged dryness and most recently extreme heat across the corn belt. There was no question, the weather No question hit the yields but the question is how much.

The report showed that it expected the average corn yield to be around 173.8 bushes down from 187.1 bushels per acre.

The report shows that experts feel there are 23 million bushels of corn more in fields than they thought in August because of more acreage. The report shows 800,000 more acres were planted in corn than assumed.

Soybeans dropped yield to 50. 1 bushels per acre, down almost one percent from the August report. Hot weather impacted the yields because pods were filling when the hot weather hit.  The soybean planted acreage increased but only marginally.

The report also showed that smaller crop production means that crop demand is also down.

However, numbers will probably shift as the crops come off the combine is coming weeks.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, a farm broadcaster and host of This Week in Agribusiness.

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