MarketsFarm — As corn and soybean harvests in the United States wrap up for 2022-23, one analyst believes there will be little change in the yields determined by the U.S. Department of Agriculture (USDA).
Dr. Michael Cordonnier of Soybean and Corn Advisor Inc. at Hinsdale, Ill. said USDA’s November call of 172.3 bushels per acre for corn could shift by one bushel either way when the department issues its annual crop report in January.
USDA said corn harvest was 93 per cent finished as of Nov. 13, having gained six points over the week. The pace was eight points above the five-year average and three ahead of the same point last year.
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As for the soybean yield, he projected a change of up to three-10ths of a bushel either way. In USDA’s most recent supply and demand report it placed the yield at 50.2 bu./ac. for what he called a decent harvest.
Soybean harvest reached 96 per cent finished, bumping up only two points on the week. Progress stood at five points above the average pace as well as where it was a year ago, according to USDA.
“It’s been a good crop. Not a record crop, not a disaster, a little bit better than average,” he said.
As for planting of U.S. winter wheat, Cordonnier said there has been some precipitation recently for growing areas, but more is needed due to extensive dry conditions.
“Wheat is very hearty. It grows almost every place, but I wouldn’t put too much stock in a little bit of moisture for the wheat. It’s a lower condition rating than average,” he said.
USDA pegged winter wheat at 32 per cent good to excellent, as it nudged up two points from the previous week, but it was also 14 points below the same period last year.
Several states continued to struggle with the ongoing drought affecting the U.S. Plains and Midwest. The department noted winter wheat in Texas was only 18 per cent good to excellent and Oklahoma was at 19 per cent. Also, Colorado stood at 21 per cent good to excellent, Nebraska at 22 per cent, along with Kansas and South Dakota at 24 per cent.
Prices at the Chicago Board of Trade (CBOT) saw good upward movement in nearly all commodities over the last week. The January soybean contract gained 12.25 cents per bushel at $14.5725 as of Tuesday, but the December corn contracts eased back three-quarters of a cent at $6.6675/bu. (all figures US$).
December Chicago wheat nudged up by the same amount at $8.285/bu., while K.C. wheat jumped 17.25 cents at $9.63/bu. Minneapolis wheat surged 23.5 cents at $9.74/bu.
The increases were due in part to a missile strike in Poland on Tuesday afternoon that was suspected to have been launched by Russia, intended for a target in Ukraine. The strike killed two people and jolted market prices upward.
However, the most recent reports on Wednesday suggest a defence missile launched by Ukraine malfunctioned, crashing into Poland, slightly across the border.
— Glen Hallick reports for MarketsFarm from Winnipeg.
