Farm Progress

Farm Progress America, Jan. 13, 2025Farm Progress America, Jan. 13, 2025

Mike Pearson takes a look at the USDA reports released Friday and how they sent the grain markets soaring.

January 13, 2025

Mike Pearson tells us what the WASDE report and other USDA reports had to say last week an how they are impacting the markets.

In a series of reports, corn slashed the corn yields which cut the production for the entire country from last year.

The USDA cut the production yields of 3.8 bushels per acre to 179 bushels.

This meant a total of 14.86 billion bushels yield this year, a reduction of 276 million bushels lower than reported in December.

The domestic stocks reported dropped due to the reduction in yield.

Feed and Ethanol projections were also lowed by the USDA.

This sent prices to $4.25 a bushel up 15 cents from December.

Soybean yields were also trimmed by the USDA. The report surprised many with a reduction of 1 bushel per acre to 50.7 .

The harvest cut production to 86.1 billion bushels, a 95 million bushel drop from November.

The report shows soybean inventory is up 3 percent and on farm up storage is up at 6 percent.

Despite these cuts, the price increased to $10. 20 a bushel.

Wheat painted a different picture for producers and traders.

Wheat stocks increased a little up to 798 million bushels in stocks.

The USDA report shows producers increased the amount of wheat planted from last year by 2 percent.

The report also stated producers planted more red wheat in Ohio and Michigan.

Related:Farm Progress America, Feb. 14 2025

Overall, it was a bullish report for corn and soybeans with increased prices.

The USDA also reported an unchanged production forecast in South America.

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

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