Report bullish for soybeans
The September 12 USDA report was slightly bearish corn with increased old crop ending stocks.
Production and bushels per acre were lower for corn. Meanwhile, soybeans were bullish with ending stocks down 115 million bushels along with lower production and bushels per acre.
After the report was issued late Thursday morning, corn and wheat were up four cents with soybeans up about 22 cents. Thanks to Merrill Crowley of Midwest Market Solutions for the information.
Illinois Crop Production information:
Corn: Planted area is estimated at 10.70 million acres, down 3 percent from last year. Harvested area, forecast at 10.45 million acres, is down 4 percent from 2018. Based on September 1 conditions, the Illinois corn yield is forecast at 180 bushels per acre, down 1 bushel from last month and down 30 bushels from 2018. Production is forecast at 1.88 billion bushels, down 17 percent from last year’s production.
Soybeans: Planted area is estimated at 10.0 million acres, down 7 percent from last year. Harvested area, forecast at 9.94 million acres, is down 8 percent from 2018. Based on September 1 conditions, the Illinois soybean yield is forecast at 53 bushels per acre, down 12 bushels from 2018. Production is forecast at 527 million bushels, down 25 percent from 2018.