ALTOONA, Wis. (WEAU)- Lots of people in the grain trade aren't sure how much credibility they should give today's USDA Supply and Demand Report. That's because the June planting report was considered to be so far off that government officials are being forced to put out a new planting report on August 12th. Today's report will give us the USDA's best estimates for supply and demand for this year's crops. Based on known information, economists expect U.S. corn stocks to average about 1.64 billion bushels on an expected corn yield this year of 13.5 billion bushels. For soybeans, ending stocks are expected to be just over 1 billion bushels. That's based on a crop of 3.85 billion bushels this fall.
Farmers in 12 states, including Wisconsin, will have an extra week, or until July 22nd, to report spring seeded crops to their local Farm Service Agency office. The extension is a result of the heavy flooding in those states that delayed planting this spring. Farmers are being encouraged to make appointments at their FSA offices and if that appointment is scheduled after the 22nd they will still be in compliance with USDA rules for participation in government programs, including the 2019 Market Facilitation Program.
Farmers who won just over 1 and a half billion dollars in a lawsuit against Syngenta won't see any of that money until probably sometime next year. That's because lawyers in the case are going to federal court over how the money will be doled out. The lawyers in the case are set to get over half a billion dollars of the settlement but the judge has given a higher percentage of the money to attorneys from Kansas who worked on the case than he did for those in Minnesota and Illinois. And he also gave private attorneys in the case 12% of the total settlement. The case involved farmers suing Syngenta after the company sold them corn with traits that weren't acceptable in other countries causing them to lose billions of dollars in foreign sales.
More champions were selected Wednesday at the Northern Wisconsin State Fair. Showing the champion market lamb was Arabella Knuth of the Jim Town Jumpers with Ashley Rajek of Edson Hilltop getting the Reserve. The champion market steer was led by Kelsey Kuehni of Edson Hilltop with Levi Lindsay of the Cadott FFA showing the Reserve. The dairy show is today.