Thursday February 15, 2024

• USDA released Ag Forum numbers this morning (see tables below)
• Corn acres at 91 million, slightly lower than trade estimates
  • Corn demand increased only 150 million bushels 
  • USDA estimate a 24-25 carryout of over 2.5 billion bushels
  • USDA projected average farm price for this year is 4.40 (inflation maybe involved to determine this value)
• Bean acres at 87.5million, 1 million higher than trade estimates!
  • Yield estimate of 52bu/ac
  • Demand increase of 120 Million bushels
  • Carryout projected at 435 billion bushels (wow, that’s a lot of beans!)
• Argentina’s crops received some much needed rain
• Ukraine destroyed a Russian warship on Wednesday in the Black Sea