Waiting for final yields in January
By Jon Scheve, Superior Feed Ingredients, LLC
In the December supply and demand report, the U.S. Department of Agriculture increased corn export estimates a month earlier than expected. Traders seemed to have been anticipating this, because the market finished the week at the same value it was trading the day before the report.
What happens now?
The January report will include final 2024 yields. The market will probably continue to trade in a tight range while it waits for the January report to see the final yield numbers. Many market participants think the corn yield will be lower than what is currently reported. However, based upon the research I have conducted after harvest was complete, I still think it could be slightly higher.
The bean yield is a different story. I suspect the national yield will be reduced in the January report. The research I’ve collected throughout the Midwest suggests the August dry weather impacted soybean yields a lot more than corn.… Continue reading