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Shining Light on Farm & Food Policy for 20 Years.
Friday, April 19, 2024
The Department of Agriculture’s annual Crop Production report surprised traders with increases to the 2023 corn and soybean yield, pulling prices for both commodities lower in what could be the start of a longer trend.
A new Agriculture Department report projects the nation’s corn producers will still be able to top 15 billion bushels of nationwide production even as stretches of the heartland face dry weather that will lower yields.
A flurry of Department of Agriculture reports Wednesday showed bin-busting production of corn, sorghum, soybeans and cotton took place in 2021, largely matching what traders were expecting to see.
Tuesday’s release of the World Agriculture Supply and Demand Estimates report did little to shake up commodity markets as the figures in it were largely unchanged from the previous month’s estimates.
Corn futures contracts ended the day sharply lower after Department of Agriculture officials raised 2019/2020 corn yield estimates while lowering soybean yield estimates in the World Agricultural Supply and Demand report Thursday.
As trade disputes eroded major markets for American soybeans, U.S. producers grew more of the crop than ever befor e,according to Department of Agriculture data released Friday.
