Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   

Agricultural News


Rich Nelson, says Biggest Surprise from USDA Acreage and Quarterly Grain Stocks Report Was the Corn Numbers

Tue, 30 Jun 2020 14:43:00 CDT

Rich Nelson, says Biggest Surprise from USDA  Acreage and Quarterly Grain Stocks Report Was the Corn Numbers Today USDA released its June Acreage and Quarterly Grain Stocks Reports, and it looks like U.S. farmers planted a lot fewer corn acres and a slightly higher amount of soybeans this year, according to the USDA.

Associate Farm Director KC Sheperd spoke with Chief Strategist at Allendale, Rich Nelson, about the reports. He said the biggest surprise was the corn numbers, "5.224 billion bushels, which was 300 million higher than the average trade guess. This implies that our feed use, believe it or not, was actually a little weaker than expected than last quarter."

Nelson said the main discussion point for Acreage was that we lost 7 million acres from the March survey. Nelson says, "this shows very clearly that producers had a lot of resistance based on prices, low prices, virus concerns, and maybe some input concerns as well."

With both the corn and soybean numbers looking really good, Nelson said we could still see some lower prices in the upcoming months.

Nelson said he didn't see anything in today's report that would tell us much about trade deals with China. He says it is time for China to buy some farm commodities, but they are not jumping in just yet.

With Covid-19 impacting all aspects of daily living and agriculture, Nelson says it affects pretty much everything we can imagine, "On the grain side, lower driving levels do impact corn for ethanol, and it also impacts the 10% of soybeans which go into biodiesel. We also see impacts from the consumer side, as we aren't going to have this reopening we hoped for in the 2nd half of summer, it looks like we could see some concerns about meat demand in these next few months."

To hear the complete conversation with Rich Nelson at Allendale, click or tap below, and to see the comprehensive report from USDA on the Grain Stocks and acreage estimates, click Or here:


   

   

right-click to download mp3

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • Oklahoma Youth Expo Sale of Champions Sale Order Available Here- Sale Set for 4 PM Friday  Fri, 17 Mar 2023 04:50:54 CDT
  • Rural Voters Dominated Vote to Defeat Recreational Marijuana March 7th  Fri, 10 Mar 2023 07:13:05 CST
  • Ron Hays Talks to Israeli Ag Tour Guide Colin Lotzof About the Miraclel of Ag in Israel  Wed, 22 Feb 2023 22:11:04 CST
  • OALP Members Experience First Hand View of Cutting Edge Drip Irrigation Technology as Israel Travel Ends  Wed, 22 Feb 2023 10:51:49 CST
  • OALP Members Get First Hand View of Cutting Edge Drip Irrigation Technology as Israel Travel Ends  Wed, 22 Feb 2023 10:50:10 CST
  • Oklahoma Ag Leadership Program Sees Fruit, Beef and Dairy Production North of the Sea of Galilee in Israel  Mon, 20 Feb 2023 21:56:02 CST
  • Oklahoma Ag Leadership Program Sees Diverse Farm Operations in Jordan River Valley of Israel  Sun, 19 Feb 2023 21:17:30 CST
  • Israeli Tour Guide Mark Kedem Talks About The Cultural Aspects of What Class XX of OALP is Experiencing   Sat, 18 Feb 2023 22:17:23 CST

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Oklahoma Beef council Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment Oklahoma City Farm Show Union Mutual Stillwater Milling Oklahoma Cattlemen's Association KIS FUTURES, INC.
       
       
       
       
       

    Search OklahomaFarmReport.com

    © 2008-2024 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.