2020 Crop Tour Ends
- The ProFarmer crop tour finished Iowa and ended in Minnesota yesterday.
- The tour forecast Iowa’s corn yield at 177.8 bushels per acre, down from 182.8 last year and below the 3-year average of 183.6.
- USDA projected Iowa’s yield at 202 bushels per acre in its August report.
- In Minnesota, Pro Farmer forecast the corn yield at 195.1 bushels per acre compared with 170.4 last year and a 3-year average of 180.2.
- The current USDA projection for Minnesota is 197 bushels per acre.
- Iowa soybean pod counts were 1,146 pods in a 3’x3’ plot compared with 1,107 last year and a 3-year average of 1,136 pods
- Minnesota soybean pod counts were 1,086 pods, up from 965 last year and a 3-year average of 1,025 pods.
FBN’s Take On What It Means: Minnesota takes the prize with the highest corn yield this year and potential for a large crop.Drought and wind damage have obviously taken a toll on Iowa’s production this season. The USDA will include a supplemental survey of harvestable acres in the September WASDE and we can expect corn yields to be shaved at that time.
Export Sales Week Ending 8/13
- Export sales of old-crop corn were just 2.4 million bushels with about 2½ weeks left to the marketing year.
- The US has sold 1,740 million bushels of corn this year versus the USDA projection of 1,795 million.
- There are 118 million bushels of open sales on the books.
- New-crop sales of corn were within expectations at 28.5 million bushels.
- Soybean commitments for the 2019/20 marketing year total 1,745 million bushels, which is 6% above the export USDA forecast.
- Total sales of new-crop soybeans were 94.5 million bushels, with China taking nearly 61 million.
- Wheat sales were up from the previous week at 19.2 million bushels.
- Upland cotton sales of 128,000 running bales were higher than expected.
FBN’s Take On What It Means: Old-crop corn exports may come up short of expectations and lead USDA to shave their forecast. However, new-crop corn sales are running 2½ times larger than last year at the same time and are the largest in at least 13 years. Low prices have encouraged greater export demand, helping to work through large expected production and support prices.
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