Market Commentary for 10/13/23
I had been saying the USDA feed number was off all year. They finally changed it to be more in line with the total animals on feed estimate the USDA has been using throughout 2023.
Harvested acres were not reduced in the October report, but yield was slightly lowered. It seems ear counts were high, but corn test weight was low.
With the yield reduction and increased feed usage, potential carryout next summer decreased 5%. Unfortunately, carryout is still estimated to be above two billion bushels, which leaves the stocks to use ratio very burdensome.
By JON SCHEVE
October 16, 2023
agweb.com
Comentarios