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Friday report bit of a shocker

The annual Crop Production Report for Illinois and the U.S. was released Friday by the National Ag Statistics Service and was a bit of a shocker.

Government numbers showed a slight raise in yields for both corn and soybeans and overall, corn demand was higher.

“What we are looking at is a situation with a little more inventory around than what the trade was expecting,” Curt Kimmel of Ag Market. Net told The Central Illinois Farm Network on Friday.

The Illinois corn yield was at 206, up 3 from the November forecast and down 8 bushels from last year’s record high yield of 214. Illinois is the number two corn-producing state in the country behind Iowa. Illinois soybean yield was at 63, steady with last year and up 2 from the November forecast. Illinois is once again the number one soybean-producing state in the country.

U.S. corn yield and production both were record highs at 177.3 and 15.3 billion bushels, respectively. The country’s soybean production was 4.16 billion bushels down 2 percent from last year.

“It’s probably a good year to use some marketing tools to stay flexible and protect your downside,” added Kimmel.

A big question for many producers is what to do with remaining corn inventory and new crop 2024 pricing moving through the winter.


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