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January 15, 2024
Mike Pearson takes a look at the trio of USDA reports released last week.
The reports showed there are more corn and soybean supplies than anticipated.
Friday saw the release of the January WASDE report, December grain stocks data report and winter wheat seedings report.
Corn, wheat an soybean prices all moved lower after the release.
Larger than anticipated crops were harvested in the corn fields.
A new 177.3 national average corn yield record was made-- much higher than the largest trades estimates.
It was bigger than 2022 when the average was 176 bushels per acre in 2022.
The soybean crop was also bigger 50.6 bushels per acre-- larger than the biggest trade guess.
The WASDE report showed 12.2 million bushels of corn on hand
and 3 billion bushels of soybeans and 1.41 billion bushels of wheat on hand.
All were largely bigger than the largest guess.
The mood was down after the reports were released due to such larger supplies and news than anticipated.
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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