Indiana Farm Bureau’s Chief Economist Todd Davis is offering his insights on the latest World Agricultural Supply and Demand Estimates (WASDE) report released earlier this afternoon by the U.S. Department of Agriculture (USDA).
“Although soybean crop in Indiana is expected to be slightly smaller than last year, projected corn yield could hit a record amount of 197 bushels per acre, which would be 9% more than last year,” said Dr. Davis. “So, in the U.S., we have plenty of corn and are pretty tight on soybeans. Fortunately for corn growers, corn prices are currently rallying alongside higher soybean prices.”
According to Dr. Davis, the corn and soybean markets are beginning to come to terms with the yield uncertainty from the early-season drought. The market will absorb the updated production information in November and January and then shift its focus to factors that could improve corn and soybean demand and prices.
Source: infarmbureau.org
Photo Credit: gettyimages-fstop123
Categories: Indiana, Business, Crops, Corn, Soybeans