Analysis of the August USDA Reports
USDA trimmed total US feedgrain production by 249 Mil Bu relative to July, and only 60% of this adjustment was due to reduced corn yield. The biggest shocks to yield, on a percentage basis, occurred in the US sorghum/barley balance sheets. US barley yield is pegged at 66.3 BPA, vs. 73.0 in July. US sorghum…