The World Agricultural Supply and Demand Estimate released Thursday showed improved yields despite a drought year. Micheal Clements shares more.
Clements: The latest World Agricultural Supply and Demand report from USDA increased yield for both corn and soybeans. Betty Resnick, American Farm Bureau Federation Economist, says the report comes as harvest is wrapping up across the country.
Resnick: As of November 5, which is our latest Crop Progress Report, corn is at 81 percent harvested nationwide and soybeans are at 91 percent harvested nationwide. So, we’re definitely wrapping up both of those and both are slightly above five-year averages. We've had pretty good harvest conditions. However, they have been battling some pretty wet conditions in Michigan, Ohio and Pennsylvania. They're a bit behind schedule, but overall, we've made really good progress in harvest this year.
Clements: Resnick says the WASDE report with increased yields reflects the resiliency of the corn crop this year.
Resnick: We were facing really potentially desperate situations earlier this summer with drought. They've revised yields back up 1.9 bushels to 174.9 bushels nationally, putting us back on track for a record corn crop, so corn’s gotten bigger, we're going to see loosening supplies with that. And soybeans, similar story, they also saw a bump up in yield to 49.9 bushels an acre.
Clements: With harvest nearing its end, attention now turns to South America.
Resnick: As Northern Hemisphere harvest wraps up, of course, all eyes are starting to go south of the equator to see what's going on in South America and as they start planting again, what that's going to look like for global supply. But I really think one of the stories of this season in general is corn’s resilience.
Clements: Micheal Clements, Washington.