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November 20, 2018 | Grain Hedge Insights | Kevin McNew | Views: 368

USDA Crop Progress Reports Corn and Soybean Harvest Nearly Complete

Illinois is shown to be completely finished, as well as North Carolina and Tennessee

USDA Crop Progress Reports Corn and Soybean Harvest Nearly Complete

USDA Crop Progress Reports Corn And Soybean Harvest is Nearly Complete

Yesterday, the USDA reported that corn harvest in the U.S. is 90% complete, lagging behind the 5-year average of 93%. Illinois is shown to be completely finished, as well as North Carolina and Tennessee, both states in the East such as Ohio and Michigan have some catching up to do and recent snow and freezing rain are no help. For soybeans, the USDA pegged harvest as 91% complete nationally, coming in behind the 5 year average of 96%. Much of the central Midwest is behind average for harvest progress, largely due to recent winter weather. The USDA also reported that winter wheat planting progress is 93% complete, behind the 5 year average of 97%. Several states are completely finished but Oklahoma and Kansas continue to remain behind schedule.

Export Sales Announcements

  • Cancellations of export sales of 200,588 metric tons of corn for delivery to unknown destinations during the 2018/2019 marketing year.
  • Export sales of 123,567 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year.

EPA Will Propose New Biofuel Production Targets for Renewable Fuel Standard

Back in 2007, the EPA mandated that certain amounts of biofuels be blended into the US fuel supply and along with that, the EPA issued biofuel production targets for every year through 2022. The current EPA is considering revising these targets lower to be more in-line with the reality of current biofuel production. For example, the production volume for 2022 is slated for 36 billion gallons for all biofuels, but in 2018, the industry is estimated to produce only 20 billion gallons. Lobbyists for both the biofuel and oil industries are both requesting changes from Congress. Derrick Morgan of the American Fuel and Petrochemical Manufacturers calls for ethanol production to be dropped by 1 billion to 14 billion gallons per year, roughly 9.7% of total US gasoline demand. Emily Skor of Growth Energy, wishes to see the Renewable Fuel Standard move forward.

Slight Amounts of Snow Expected In Eastern Corn Belt

N Illinois and NW Indiana are gearing up for small accumulations of snow. The National Weather Service expects about an inch today through Wednesday evening. Scattered snow showers are expected to move further east into Michigan, primarily along the coastline of Lake Michigan. The eastern half of Michigan may see up 2 inches through the end of the week.

The USDA reported Michigan as only 74% finished with corn harvest and 83% for soybeans so this inclement weather may keep farmers out of the field for another few days.

 

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