U.S. corn and soybean production estimates lower in new report

Published: Nov. 11, 2020 at 7:08 AM CST
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EAU CLAIRE, Wis. (WEAU) - The USDA’s November Crop Production and World Agricultural Supply and Demand Estimates report that came out yesterday lowered U.S. corn and soybean production. That also lowered ending stocks estimates and raised commodity prices. The new corn harvest numbers call for a crop of 14 and a half billion bushels on yields of 175.8 bushels an acre. Those numbers, along with an expected increase in exports of 375 million bushels, lowered ending corn stocks to 1.7 billion bushels. For soybeans, yields were lowered by 98 million bushels, down to 4.17 million on yields of 50.7 bushels per acre. Those numbers were the main reason ending soybean stocks were also lowered-down 100 million bushels from last month to 190 million in yesterday’s report.

Now that it looks like we will have a new president in January, speculation has started as to how that will play around the world. In China, their government run press is reporting they would like to re-negotiate that Phase One U.S.-China trade deal. Chinese leaders are quoted as saying they feel the deal is “twisted” and they see a Biden Administration as being more rational that the Trump Administration. The Chinese especially don’t like the commitment they made to buy over $33 billion in U.S. goods during the first year of the deal. Biden transition team officials say they will hang tough on the deal and also take a harder stance on issues like Taiwan, Hong Kong, Human rights issues and Chinese intelligence activities in the U.S.

We had a positive balance of trade for U.S. agriculture products for fiscal year 2020, but just barely. U.S. agricultural exports came to $135.9 billion with imports reaching $133.2 billion -giving us a trade surplus of $2.7 billion. The numbers were in the black because of a big September for our exports. For the month we sold $12.2 billion worth of U.S. ag products overseas while importing $11 billion worth of products. The best year ever for U.S. ag exports was 2014 when we sold $152.3 billion worth of products in the export market.

The elections aren’t over yet. It’s time for the annual Farm Service Agency’s County Committee elections. Every year a portion of the committee is up for election and ballots have already been mailed out to eligible producers. Those ballots have to be mailed back to county FSA offices by December 7th.

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