USDA WASDE Report Summary August 12, 2019

WASDE 081219

Grains trading lower with corn limit down (25 cents) upon the release of the report. Corn yield increased from 166 bpa to 169.5 bpa for a national yield. Highest trade estimate for corn yield was 167.2, completely blew past that. Ending stocks also slightly increased for corn. Corn acres are estimated to be 90.005 million planted and 82.017 harvested. In June, USDA said 91.7 million planted acres. 

The bean values on this report are slightly positive to the market- no yield adjustment for this report with old crop ending stocks increased, and new crop ending stocks decreased. Interesting the world ending stocks for soybeans decreased by 2.7 million metric tons. Bean acres are estimated at 76.70 million planted and 5.866 harvested. In June, we saw 80 million acres planted as the estimate. 

As of 11:30 AM, Corn is trading down the limit for futures months through May of 2020, and then anywhere from 12 to 22 lower 

Soybeans are mostly 10-12 lower. 

See summary below, courtesy of Advanced Trading:

WASDE 081219
USDA Report 08/12/19