Farmers, Traders Anxiously Wait for USDA’s Friday Reports

Farmers, Traders Anxiously Wait for USDA’s Friday Reports

In October, USDA forecasted the national average for corn yield to be at 168.4 bushels per acre and the soybean yield at 46.9 bushels per acre, however, crop development was slower than normal.

According to USDA meteorologist Brad Rippey, there wasn’t a lot of test weight information available and there have been weather events since the cutoff date of Oct. 1 for the October report. He said that could require reassessment.

Some areas received frost in mid-October and rainfall, which delayed harvest—especially for corn.

“A number of things make it a muddled picture going in,” said Rippey.

USDA acting outlook chairman Mark Jekanowski said his group will take the new production estimates from the National Ag Statistics Service (NASS) whether up down or neutral to readjust balance sheets accordingly.

World Supply and Demand Estimates (WASDE) and Crop Production reports will be released at 12 ET Friday Nov. 8.