New USDA report expected to show big U.S. corn stocks

Published: Sep. 30, 2020 at 5:26 AM CDT
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EAU CLAIRE, Wis. (WEAU) - U.S. and British trade negotiators wrapped up their 4th round of talks last week--talks they hope will soon lead to a new trade agreement between the 2 countries. Observers say the talks were very intense as negotiators worked on 16 different trade areas all of which are said to be in the advance stages of the talks. The next round of negotiations is scheduled to take place in mid-October but U.S. Trade Ambassador Robert Lighthizer said there is probably not going to be a done deal before our November elections.

Another major USDA Grain Stocks Report comes out later this morning. The report is expected to show big U.S. stocks for corn as the Covid-19 pandemic, trade problems with China and more competition from around the world has meant U.S. exports have been down this year. U.S. corn stocks as of September 1st are expected to come in at 2.43 billion bushels, about 200 million more than a year ago. Soybean stocks as of the first of this month were pegged to be 575 million bushels-down about 325 million from a year ago as Chinese purchases from the U.S. this summer have been strong. Grain traders expect the new numbers will have very little effect on prices for the rest of this year.

Americans like farmers and appreciate what they do to feed the world. In a new Gallup Poll, U.S. consumers were asked to rank 25 different industries in order by which they liked the most. And while farming has always been highly ranked, this new poll shows that for the first time in 20 years, farming and farmers rank number 1 with a 69% positive rating-up 11% from last year. The grocery and restaurant industries now rank 2nd and 3rd in that poll.

The Farmers to Families Food Box Program has reached a big milestone. Yesterday Agriculture Secretary Sonny Perdue announced that more than 100 million food boxes have been sent to needy people around the country. And that total will continue to grow as 50 more food pantries and food banks around the country will be added to the distribution list.

Today is the deadline for farmers to update their Price Loss Coverage program yields for covered commodities at county farm Service Agency offices. It’s a 1 time chance for farmers to update yield numbers used to figure payments from 2020 through 2023.

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