[Listen] Gordy USDA Punted on July WASE Report
The much anticipated USDA July WASE Report was pretty much a nonevent, at least for corn and beans. However the wheat numbers were very friendly and wheat did see a sharp rally. I told Gordy on the air this morning it was like the USDA punted on fourth and long? The USDA is still using a National corn yield of 179.5 and beans of 50.5 bushel an acre. They also dropped the Brazil corn crop by a little bit down to 92 million metric ton. Many private analysts and Brazil have there crop projected much lower though.
There are a lot of numbers to digest in a monthly USDA WASE Report. If you want a quick reference, just look at the average projected price paid to farmers that the USDA includes in each grains section. The USDA in this morning's report projected that the average corn price paid to farmers would be down 10 cents a bushel from last month. The bean price was down 20 cents a bushel. While they were lower it sure could have been and has been a lot worse!
So, the USDA is waiting for more information on the weather and drought as the corn enters the critical silking and tasseling reproductive phase. Click on the link and listen to Gordy talk about all the numbers in this mornings Report!