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Evening Edition | Friday, August 12, 2022

In tonight's Evening Edition, we’ll recap the latest USDA WASDE report, agriculture weather, and farmland values.


USDA released the August World Agricultural Supply and Demand Estimates (WASDE) today. Projected 2022/23 corn ending stocks came in at 1.388 billion bushels, ahead of the trade estimate. Soybean ending stocks also exceeded the trade’s expectations when USDA pegged them at 245 million bushels.

Jake Hanley of Teucrium Funds called the report neutral to bearish for soybeans and bullish for corn. 

The report sparked volatility in the commodity markets and prices were mixed at the close.

Weather for agriculture

Marketers will continue to keep an eye on weather through August and corn and soybean crops around the country approach maturity.

“For the 1- to 5-day forecast, there are light scattered rains for Nebraska, eastern Iowa, and Minnesota, with no rain in the forecast for South Dakota, southwestern Minnesota, and parts of Iowa,” explains market analyst Terry Roggensack in his latest column.

Analyst Bryan Doherty also discussed weather’s influence on markets in this week’s column.

“The bottom line is that the crops are late, beneficial weather is required to hold yield projections, and price volatility remains high,” he said.

Next Monday USDA will release updated crop ratings. Cory Brantland of Kluis Commodities says there’s talk ratings will continue to decline.

Farmland prices

Farmland values are surging. Values have risen 12% nationwide, and more than 20% in three Farm Belt states.

“Given recent experiences with fluctuations in the broader economy and prior farmland price dynamics, many market participants express concern that the rapid increase in farmland prices is a signal of a speculative bubble,” said three Purdue University economists.

Chuck Abbott explains in his latest coverage.

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