NASS is again in the process of compiling the results of the farmer and field surveys for the October Crop Report that will be released on Friday. The table above reflects AgResource’s best guess for the current crop’s yield potential. Compared to NASS’s September yield estimates, we have lowered IA and NE yields by 1…
** 2020 US Corn Production Estimate by State: The preceding table shows US corn acreage, yield and production by state. ARC’s updated 2020 US corn production estimate of 14,892 Mil Bu is just 8 Mil Bu shy of NASS’s estimate in September. ARC’s final planted and harvested area estimate is slightly below NASS’s Sep forecasts.…
US wheat supply & demand is finding equilibrium following years of sizable acreage loss. Wheat’s premium to corn will remain lofty through the foreseeable future and more pressure is being placed on obtaining trend or better yields in the Black Sea & Europe. Drought in Russia stays a concern. The US wheat balance sheet loosened…
On Wednesday, the EIA’s September Biodiesel report showed July biodiesel production up 11 Mil gallons from June at 162 Mil gallons. This was a record large July production figure and the largest 1-month production rate since December 2018 (19 months). The biodiesel industry has not been affected by coronavirus, as much of the biodiesel demand…
Assuming NASS’s yield is unchanged in October, total US corn supplies will have fallen 1.2 Bil Bu from the USDA’s May estimate. In fact, this year’s decline in projected 2020 corn supplies from May to Oct of 7% will match that of last year. Over the course of the summer, the market’s perception of US…
