Corn and soybeans prices fall due to lowered harvest estimates by USDA

Corn and soybeans prices fall due to lowered harvest estimates by USDA

The harvest estimates for corn and soybeans have been lowered by the United States Department of Agriculture (USDA). The lowered estimates were not as low as the markets expected. The prices of corn and soybeans fell after the announcement of the USDA. Karl Setzer, a commodity risk advisor at the AgriVisor, said, “We dropped hard. There is a very definitive line between what the trade considers old crop and new crop.” Setzer talked to the RFD Radio Network. published a story that revealed that the corn prices declined 12.25 cents in July while and 4.75 cents in September. The US farmers have been suffered due to the trade war of Trump against China. The current drop in the prices is a pinch of salt to the farmers’ wounds. The USDA released the Crop Production Report on Thursday. The department gave predictions in the report.

The USDA’s report projected a drop from 10.85 million acres in 2018 to 10.25 million acres in 2019 in the Illinois corn harvest. The crop yield was projected to fall from 210 bushels an acre last year to 179 bushels this year, according to the report. Illinois State yielded record corn last year. The report also projected that the Illinois corn production would drop from 2.3 billion bushels to 1.8 billion bushels.

The corn production was projected to drop from 14.4 billion bushels to 13.8 billion bushels on the national level. Record production was measured in 2016 but the product fell in the last three years. Ami Heesch, a CHS Hedging’s market analyst, said in a teleconference, “Everybody was looking for a friendly corn number but USDA actually increased yield a freckle.”

Heesch considered the report positive but she considered it unfriendly due to the current market’s look. The Illinois soybeans production was projected to fall from 4.4 billion bushels to 3.6 billion bushels in the report released on Thursday. The Illinois soybean harvest was expected to fall from 10.5 million acres last year to 9.9 million acres this year.

Senior writer at the Chicago Morning Star

Related Posts
Rain, snow halts corn comeback
Rain and snow once again delay the harvest of corn as more than half of
Illinois schools spend millions of dollars on technology even before federal rescue checks
According to a report, Illinois school leaders spent millions of dollars within weeks to cope
Rockforward 20/20 2019 Results Report Released
The Rockforward Area Economic Development Council (RAEDC) has released the 2019 Results Report for the
JLL report declares Chicago 3rd most-expensive construction market in US
The Construction Outlook 2020 report released by JLL revealed that Chicago was the third-most-expensive construction
Illinois takes in $39.2 million in adult-use cannabis sales in January
The Illinois Department of Financial and Professional Regulation made an announcement related to the adult-use
Allergic reactions link with Christmas tree reported
The specialist in the field of allergy said that Christmas trees could carry mold. A
Chicago patents consider gun violence, cyberbullying, and poverty as top 3 social concerns for youth
Ann & Robert H. Lurie Children’s Hospital of Chicago and the Chicago Department of Public
Nearly half of Americans work on low wages: Study
The state of the US jobs has been studied by the Brookings Institution in a
Choking deaths fall substantially in past 50 years in US children
A report is published in the Journal of American Medicine Association (JAMA). The report revealed
Reports urge investment in IEPA
Reinvestment in the Illinois Environmental Protection Agency needs to be made urgently. This call is