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| seems to be the MDA tour that "stopped at 53 fields across Indiana, Illinois, Iowa, Minnesota, South Dakota and Nebraska, and projected an average tour yield of 198.9 bushels per acre"
The reports are that the trade is ignoring USDA seeming to believe the crop is larger. But if you read the quote from the Vantrump Report look at the sample size:
"How did the USDA arrive at a 1.3% reduction in this years corn harvest estimates? Lance Honig, chief of the crops branch of the USDA’s National Agricultural Statistics Service, says the decline does not imply that the corn crop has deteriorated from last month, because the USDA used different procedures for estimating the size of the harvest. August is the first month the USDA surveys farmers and physically checks fields to determine its estimates. In previous months, it relies on statistical formulas because the crop has not sufficiently developed. From July 24 to Aug. 6, the USDA interviewed more than 24,000 producers about their yield expectations as of Aug. 1. The government will continue to survey the growers throughout the autumn to provide updated reports.
So 24,000 producers are lying through their teeth to talk the market up and one crop tour makes 53 stops in a handful of states and they are "on to it"! Insert curse word here. | |
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The big market mover and why corn was down
