The markets of soybeans and corn are awaiting USDA report
In today's balance USDA the focus of traders will be focused on the forecasts of production of soybeans and corn in the United States, will be used where final data on sown areas in 2019 and made adjustments to yields.
Ahead of the report USDA analytical Agency has published its own forecasts of crop yield and gross harvesting of soybeans and corn in the United States. Average rating of space to harvest corn is 80.2 million acres, yield of 164.7 bushels/acre, gross collection – 13,218 billion bushels or 335,7 million tons In the July forecast USDA the area to the harvesting of corn was estimated at 83.6 million acres, the yield was 166 bushels/acre, the gross yield – 13,879 billion bushels or 352,52 million tons.
Area cleaning of soybeans, according to the median estimate of experts, will be 79,9 million acres, the yield is 47.7 bushels/acre, the gross yield – 3,809 billion bushels or 103,66 million tons In the July forecast USDA these figures were estimated at 79.3 million acres, 48.5 BU/acre and 3,846 billion bushels or 104.6 million tons, respectively. Depending on weather conditions in September and October yields could further decline as plants for the maturation of the necessary heat.
Prices for soy and corn is gradually recovering from a sharp sell-off in early August, due to the introduction of trump import duties on Chinese goods and China's decision to suspend imports of soybeans from the United States. The December futures on corn grew to 163,5 $/t for November soybeans – 326,3 up to $/t
the slowdown in the production of soybeans and corn to support global prices, despite low demand from importers. However, the price increases could intensify the purchase.