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High corn and soybean yields, a large carryover from 2016 and transportation challenges have combined to put pressure on grain markets this fall. Many farmers are looking at every available storage option.
The U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS) released the August Crop Production report today, showing the soybean production is forecast to be 10 percent higher than 2016. Corn and hay production reports also available.
USDA’s August Crop Production report disappointed market bulls because of the larger than anticipated projected corn and soybean yields. The market bulls expected the September report to show yield reductions for corn and soybeans based on farmers’ anecdotal evidence and the adverse 2017 growing season.
Kentucky grain farmers are harvesting corn and are getting to the point where they will decide if and how much wheat they will plant this fall. The main changes this year are a modest increase in wheat prices, a small increase in soybean prices, and a slight decrease in nitrogen prices. These changes will make planting wheat more attractive relative to last year.