USDA report more neutral for beans

Soybeans got a more neutral report than corn from USDA on Thursday.

“They scared us a little bit in corn,” Roy Plote of Western Illinois Commodities told the Central Illinois Farm Network.

The big announcement was that USDA did cut the 2023-2024 carryout because they increased ethanol usage by 15 million bushels and increased exports by 40 million bushels.

“That means we cut the carryout to 55 million.”

The 2023-2024 carryout ended up at 1.8 billion bushels but they added a half bushel to the yield for this year’s corn crop. The average farm price was lowered 10 cents to 4.10 a bushel.

“Many were saying they were going to have to cut the carryout,” added Plote.

Illinois Crop Production report:

Corn: Planted area is estimated at 10.8 million acres, down 4 percent from last year. Harvested area, forecast at 10.65 million acres, is down 4 percent from 2023. Based on September 1 conditions, the Illinois corn yield is forecast at 222 bushels per acre, up 16 bushels from 2023. Production is forecast at 2.36 billion bushels, up 4 percent from last year.

Soybeans: Planted area is estimated at 10.8 million acres, up 4 percent from last year. Harvested area, forecast at 10.75 million acres, is up 4 percent from 2023. Based on September 1 conditions, the Illinois soybean yield is forecast at 65 bushels per acre, up 2 bushels per acre from 2023. Production is forecast at 699 million bushels, up 8 percent from last year.