Highlights
Tomorrow at 10 AM Mountain Time the USDA will issue its August S&D. It will include yield adjustments for 2024 corn and beans. If you looked at the estimates we sent you on Thursday, August 8th, corn production is expected to be just 12 million bushels (0.008%) more than the USDA’s July production number.
Did you notice the expected corn carryover tomorrow is expected to be 1 million bushels smaller than USDA’s July S&D for both the old and new crop corn and the world corn carryover is expected to decline 700,000 mts (2.2%)? Check it out on our Thursday email. How does a smaller domestic and world corn carryover justify corn being 15¢ lower now than it was on the day July S&D was issued?
Jacob Kubela is the founder of Kubela Hedging of Wahpeton, ND. He sent this crop update yesterday: