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North Dakota soybean production up, corn down

13 Septembre 2017

United States corn ending stocks for the 2017/18 crop year were pegged at 2.335 billion bushels, up from 2.273 billion bushels in the USDA's August World Agriculture Supply and Demand Estimates report.

About 61% of the crop is in good or excellent condition, unchanged from last week but well below the stellar crop from a year ago when 74% earned top ratings. Last week, crop watchers said 50% was in good condition; 11% excellent and 28% fair condition.

Soybeans dropping leaves was 26 percent, behind 42 percent previous year and the average of 44 percent.

The agency has the corn crop at 14.2 billion bushels, up 32 million from the August report but down six percent from last season.

Chicago wheat futures slid on Tuesday, heading for a second straight losing session with pressure from record supplies from the Black Sea region making it hard for United States exporters to win business.

U.S. Soybean Production chart
The U.S.D.A. forecast 2017 U.S. soybean production at 4,431 million bus

Soybeans went up one percent from August to the record 4.43 billion bushels. Soybean yield is forecast at 45 bushels per acre, down 4.5 bushels from past year.

Soybean futures for November delivery lost 2 ¼ cents to $9.57 ¾ a bushel.

Corn production is forecast at 428 million bushels, down 17 percent from past year. That's down from the August USDA estimate of 4.381 billion bushels on yields of 49.4 bushels.

USDA noted that its September crop outlook does not account for flooding in parts of southeastern Texas and southwestern Louisiana caused by Hurricane Harvey.

Elsewhere in the Midwest, the maps look pretty quiet with only slight chances of rainfall in parts of western and north-central Nebraska, the NWS said.

Oil market moving back into balance: IEA
The 12 members of OPEC bound by a supply-cutting pact raised their compliance to 82 percent in August from 75 percent in July. Supply is also said to have been hampered by Hurricane Harvey in the US , which caused refineries to shut.

North Dakota soybean production up, corn down