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Closings, Cancellations and Delays

South Dakota Corn
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South Dakota Corn

World ag report delayed, growers and traders fume

News Staff - November 11, 2019

WASHINGTON, DC – The nation’s growers expressed their frustration and anger over the delayed release of last Friday’s (Nov. 8, 2019) U.S. Department of Agriculture’s monthly World Agricultural Supply and Demand Estimates (WASDE) Report.

People trying to get to the report on line were met with the message, “USDA.GOV sites are temporarily down for maintenance.” Industry analysts say it was poor timing and some suggest intentionally done.

A tweet from the USDA announcing the release of the report at noon on Friday was pulled down. When the information was eventually posted, corn, soy and cotton markets moved in response.

Following the much anticipated WASDE Report, the USDA lowered its projections for 2019 U.S. corn and soybean production. It has been a dismal growing season for producers in many parts of the U.S., with an historically slow planting pace,  varied development weather, and a snail’s pace for corn and soybean harvest.

The 2019/20U.S. corn outlook calls for lower production, reduced use, lower exports and smaller ending stocks. Corn is now estimated at 13.661 billion bushels, 1% lower than in October and 5% below 2018, with the USDA lowering the average yield estimate by 1.4 bushels to 167.0 bushels per acre and leaving the harvested acreage guess unchanged at 81.815 million acres. In 2018, corn totaled 14.420 billion bushels with an average yield of 176.4 bushels per acre and harvested area of 81.74 million acres.

The U.S. soybean outlook also includes slightly lower production.  Soybean outlook also calls for reduced crush and higher ending stocks. Soybeans are pegged at 3.550 billion bushels, slightly less than last month and a drop of 20% on the year, with no month to month changes for average yield or harvested area at 46.9 bushels per acre and 75.626 million acres, respectively. Last year, soybean production totaled 4.428 billion bushels with an average yield of 50.6 bushels per acre and harvested area of 87.594 million acres.

Feed and residual use is down 25 million bushels based on a smaller crop and higher expected prices.

The next set of supply, demand, and production estimates is out December 10th.

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