Clements: Crop predictions from the Department of Agriculture are beginning to reflect the challenging growing conditions this year, according to the American Farm Bureau Federation. However, Shelby Swain Meyers, associate policy advisor at the Indiana Farm Bureau, says the yield and production decline for corn in the September report was not as significant as anticipated.
Myers: Despite all the historic planting delays that we had, farmers were still able to plant over 90 million corn acres this year. And the expected 13.8 billion bushels of corn is well above the 12 billion-bushel crop that was kind of rumored in late May to early June when we were still trying to get that final push to plant.
Clements: Despite a trade standoff with China, Meyers says soybean supply and demand expectations are better than anticipated.
Myers: On the supply side, planted acreage and yield are below prior year levels, which is to be expected. But, the demand side, though exports have slowed, the crushing has accelerated, and the U.S. is starting to work through that soybean surplus. With a billion-bushel soybean carryout, we expect to decline about 36 percent below 2018 ending stocks.
Clements: When it comes to predicting the crop totals for 2019, she says farmers need to be patient.
Myers: After this report, I think the theme of this year’s crop season is patience. We’ve had to be patient to get a crop in, patient while it grows, and we’ll have to be patient through harvest to allow for full maturity and to get the crops out when appropriate.
Clements: Find more analysis of the report on the Market Intel page at fb.org. Micheal Clements, Washington.