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Grim numbers and rebound potential

Apr 03, 2019 at 09:42 AM CST

Last week’s USDA report provided estimates for grain supply and the upcoming planted acres based upon March 1 information. Corn: Stored grain increases 270 million bushels more than anticipated This was the biggest surprise and sparked a lot of debate on Friday. Some wondered if the market already realized some of this, noting the decreased feed demand in the last report. Others wondered if last year’s corn yield forecasts were too low in the February report. A few thought that farmers stored more 2017 crop than originally estimated. Based upon conversations I have had with farmers across the Corn Belt I would guess the yield was slightly better last year than what was estimated in February.