Corn, soybeans fall as weather allows more US plantings

Corn Weather Woes May Be Passed on to U.S. Livestock FarmersMore

Corn Weather Woes May Be Passed on to U.S. Livestock FarmersMore

In a report Tuesday, the U.S. Department of Agriculture said domestic corn yields would be the lowest since 2013 as relentless rain keeps planting progress at the slowest pace on record.

Traders are now focused on the midday Tuesday USDA supply and demand report.

"The USDA ripped the Band-Aid off by lowering yield by 10 bushels (per acre) and then also lowering acreage", said Ted Seifried, chief agriculture market strategist for Zaner Group in Chicago. US corn production for 2019/20 is forecast to decline 1.4 billion bushels to 13.7 billion, which if realized would be the lowest since 2015/16, according to the June report. "They are not going to be willing to pay up both for feeder pigs and feeder calves" because the cost grains will be an even bigger problem, he said by phone.

Argentina corn production is raised on increased area with higher prices. Corn planting is normally finished by this time of year.

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The USDA outlook contributed to the drop in hog futures, after prices surged on Monday, according to Craig VanDyke, risk management consultant at Top Third Ag Marketing. As a result, USA corn production for 2019-20 was forecast to decline to 13.7 billion, the smallest harvest since 2015-16. The season-average farm price is raised 50 cents to $3.80 per bushel.

Soybeans: This month's US soybean supply and use projections for 2019-20 included higher beginning and ending stocks due to a decline in exports to China.

Although adverse weather has significantly slowed USA soybean planting progress this year, area and production forecasts are unchanged in the USDA report. July soybeans were up 0.75 cent, or 0.09 percent to 8.5925 dollars per bushel.

It is anticipated that the acreage could fall again when the acres planted report is released at the end of the month, he said.

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