With harvest winding down, farmers are keeping a close eye on the next major USDA report.
The U.S. Department of Agriculture is scheduled to release its November WASDE report at 11 a.m. Central Time on Tuesday, November 9th. In September, the USDA raised corn yields from 176.3 to 176.5 bushels per acre. They also raised soybean yields to 51.5 from 50.6 bushels per acre. Allendale commodity broker Greg McBride provides a preview of what?s expected on Tuesday?s report.
?The biggest thing for farmers to watch as we move forward is next Tuesday?s USDA report,? said McBride. ?We should have estimates coming out on that. Early numbers that I?ve seen show we?re looking at potentially maybe a half a bushel increase in soybeans and then anywhere from a bushel to two bushel increase in corn. I thought that seemed like a pretty big increase from October to November. From everything I?ve heard from customers, most numbers have been coming in better as they finish out their corn harvest any way.?
We spoke with McBride Thursday about the latest U.S. Export Sales Report. He said some export information within the upcoming WASDE report will be important to watch for.
?The big thing we will be watching going into this next USDA report on Tuesday will be do they make some changes to this export demand number for corn,? said McBride. ?At this point, I don?t believe they have any reason to make a major export change to beans, but the corn side could benefit from seeing an increase in export demand.?
Some analysts are predicting the USDA will be lowering its US 2021/22 export estimates in Tuesday?s WASDE with cheaper beans coming out of Brazil.
The Iowa Agribusiness Radio Network will publish a recap of the November 9th WASDE report shortly after it?s released.
