Tuesday the 14th January grain contracts off the board
1) Yields higher / Corn 168 vs 167 and Beans 47.4 vs. 46.9
2) Production higher/ Corn 13,691 vs 13,661 Beans 3,558 vs 3,550
3) Quarterly Stocks Corn 11,389 vs Dec 18 11,937 Beans 3,252 vs 3,746
4) Ending Stocks / Corn 1,892 vs 1,910 and Beans 474 vs 475
5) Harvested acres Corn 81.3 vs 81.7
All in All good thing they raised yields
China Phase ! this week in Washington
USDA foot note:
When reviewing the final balance sheet we looked for potential revisions that would result in a lower feed and residual. Looking across acres, yield, and stocks data we felt the best option was to adjust 2018 acres and Sep 1 stocks. #StatChat LH
USDA’s National Agricultural Statistics Service (NASS) will re-contact respondents who previously reported acreage not yet harvested in Michigan, Minnesota, North Dakota, South Dakota, and Wisconsin in the spring, once producers are able to finish harvesting remaining acres. If the newly collected data justifies any changes, NASS will update the Jan. 10 estimates in a future report. Stocks estimates are also subject to review since unharvested production is included in the estimate of on-farm stocks.
When producers were surveyed for the Crop Production 2019 Summary, there was significant unharvested acreage of corn in Michigan, Minnesota, North Dakota, South Dakota, and Wisconsin; and soybean acreage not yet harvested in Michigan, North Dakota, and Wisconsin. The unharvested area and expected production were included in the totals released on Jan. 10.
Did we see the January lows??
Refer back to last weeks comments