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Bullish USDA report should spark grain sales

Friday’s bullish supply and demand report from USDA should spark farmer selling.

Farm management analyst Kent Thiesse says the reduction in 2024 corn yield estimates came as a surprise.

“Nationwide, they dropped the projected average yield by 3.8 bushels. And I have to think back a long time that I’ve seen that kind of drop from December to January. So what that’s obviously saying is that USDA had kind of overestimated where they thought that was.”

He tells Brownfield ending stocks were cut by nearly 200 million bushels.

“That’s a lot of corn that suddenly went off the charts there. They updated the projected 12-month price from $4.10 up to $4.25, that certainly could have an impact on potential ARC-County payments. But it’s good news for farmers.”

Corn futures closed significantly higher following Friday’s report and trade was firm again to start the week.

Thiesse made these comments during Brownfield affiliate KNUJ’s Farm Forum Friday.

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