I bet a early frost and continued drought will shrink it!! :roll: But, these commodity brokers know it all!! :roll: :roll:
Schwieterman Marketing, L.L.C.
1616 Kansas Avenue
Garden City, KS 67846
Corn Crop No Longer Shrinking
Next Friday is the August crop report. The supply and demand numbers we get next week will be critical. It will be the USDA’s first objective look and the corn and soybeans crops, meaning we should get a decent snapshot of where the crops were at in the first part of August. Early industry guesses are putting corn production at 10.3 bil bu and soybeans at about 2.82 bil bu. The corn production figure is certainly friendly, though not necessarily bullish. It would result in a large cut in ending stocks, but unless demand changes, there will still be plenty of corn. The soybean figure is definitely friendly and very close to being extremely bullish. It would only take a small increase in demand to get ending stocks below 125 mil bu.
Weather is still a factor, but in the midst of all this technical selling pressure I
t is being ignored. Crop conditions will likely decline for both the corn and soybeans. This should be expected because conditions decline seasonally, but also because rain missed the bulk of the Corn Belt this week.