Report not so friendly for beans
Friday’s Aug. 12 USDA report was friendlier to corn than soybeans when the information was released late morning.
On the soybean side, they raised yield 0.4 bushels per acre and lowered harvested acres. Carryout was raised about 15 million bushels. Soybeans were down 30 cents for a while due to the slightly higher bean number on higher yields.
For corn, the yield dropped to 175.4 bushels per acre and the corn production number shrank. Corn prices were down slightly then back up a couple of cents on Friday.
Not much bearish news to report for corn on the world supply and demand balance sheet and the soybean number was a bit bigger. When markets reopen next week, many will be keeping a close eye on the August weather for soybeans as the jury is still out on their yield potential.
Many local crop tours have revealed cornfields that look lush and green from the outside but the ear potential just isn’t there as some tip back has been reported.