@kannbwx

USDA's preliminary view on 2022 U.S. planted acreage (millions of acres):

#Corn 92 vs 93.3 in 2021

#Soybeans 87.5 vs 87.2 in 2021

#Wheat 49 vs 46.7 in 2021 Corn+soy 179.5 vs 180.5 in 2021

Crop report Tuesday 11am CST

@kannbwx

USDA raises #corn yield slightly to 177 bu/acre, but #soybeans fall to 51.2 bu/acre. The trade did not budget at all for a decline in soy yield, which fell below the trade range.

@kannbwx

U.S. #corn ending stocks fall fractionally after a 50 mbu increase in corn used for ethanol offsets a crop uptick. #Soybeans increase by less than expected on a smaller crop despite a 40 mbu reduction in exports. #Wheat exports are cut 15 mbu.

@kannbwx

#Brazil's previous crop of #soybeans is increased 1 mmt, #Argentina's prior #corn crop rises 0.5 mmt. Brazil's new crop is unchanged. Argy corn gets +1.5 mmt but beans get -1.5 mmt.

@kannbwx

Global ending stocks for 2021/22 #soybeans and #wheat decline but #corn increases quite a bit. #China bean imports decline 1 mmt to 100. CN corn carry-in rises on bigger old crop imports, new crop imports unch at 26 mmt. #Russia's wheat crop rose 2 mmt.

@kannbwx

U.S. #corn yield in 2021 is projected to hit a record 177 bu/acre, pretty close to what analysts expected. 

Illinois is seen falling short of record, and Indiana is set to tie its record despite a bigger yield cut. Huge boost in Minnesota (yield was 166 in Aug).

@kannbwx

Yield for #soybeans was the big surprise, falling slightly from Oct. to 51.2 bu/acre. 

That is with records or tied records in 4 of the top 6 producing states. 

The Dakotas were probably too big a weight on the overall picture due to their large acreage share.

@kannbwx

2020 and 2021 U.S. soybean yield are very similar at 51 and 51.2 bu/acre. 

But there's big differences. Much better crop in 2021 in IL and IA.

 Also in 2021, the Dakotas planted a record 14.7% of U.S. #soybeans vs 12.8% in 2020. ND yield hit a 17-year low in 2021, SD an 8yr low.

Interesting to see where the #corn yield estimates started out versus where they are now. Some bigger shifts in the I-states and a big disappointment in Missouri. 

The drought in North Dakota was well captured early on and Minnesota was like.... what drought?