August WASDE Corn August WASDE Soybeans Corn Conditions 8.14.16 Soybean Conditions 8.14.16

On Friday, August 12th, USDA released their August WASDE report.  The August report is always closely watched because it provides the first pass at production estimates based on field survey data and becomes more refined each month.

USDA surpassed trade expectations by projecting yields and production above the high end of the expected range.  They project a corn yield of 175.1 bushels per acre resulting in production of 15.153 billion bushels.  They project a soybean yield of 48.9 bushels per acre resulting in production of 4.06 billion bushels.  Each of these figures would be new records if realized.

However, on the other side of the coin the USDA projects record usage to offset some of the large crops.  They pegged corn usage at 14.5 billion bushels and soybean usage at 4.016 billion bushels.  Both of those figures would also be new records.

Crop condition scores were steady this week.  The corn crop is rated 74% good-excellent vs. 69% last year.  The soybean crop is rated 72% good-excellent vs. 63% last year.

Conditions    (Good + Excellent)
Corn Conditions G/E: 74% TW vs. 74% LW, 69% LY
Soybean Conditions G/E: 72% TW vs. 72% LW, 63% LY
Milo Conditions G/E: 65% TW vs. 65% LW, 68% LY
Spring Wheat Conditions G/E: 66% TW vs. 68% LW, 70% LY
Crop Progress Summary
Corn Dough 73% TW vs. 53% LW, 65% LY, 60% AVG
Corn Dented 21% TW vs. 9% LW, 18% LY, 21% AVG
Soybean Blooming 95% TW vs. 91% LW, 92% LY, 93% AVG
Soybean Setting Pods 80% TW vs. 69% LW, 76% LY, 75% AVG
Milo Headed 83% TW vs. 74% LW, 80% LY, 72% AVG
Milo Coloring 42% TW vs. 31% LW, 37% LY, 37% AVG
Milo Mature 23% TW vs. (NA)% LW, 23% LY, 26% AVG
Winter Wheat Harvested 97% TW vs. 94% LW, 99% LY, 95% AVG
Spring Wheat Harvested 48% TW vs. 30% LW, 46% LY, 30% AVG


Read the August 12th WASDE report here

Read the complete NASS Crop Progress report here

Graphics courtesy of Advance Trading Inc