Watch Jim McCormick, co-founder of AgMarket.Net, give his reaction after USDA released its September WASDE and Crop Production reports.
“I think the biggest takeaway folks is when it’s all set and done, we still have what we would call historically relatively tight ending stocks,” says McCormick.
USDA’s NASS reviewed all available data for planted and harvested acreage for corn and soybeans a month earlier than normal.
In a press release from NASS:
“USDA’s National Agricultural Statistics Service (NASS) will review all available data, including survey data, satellite-based data, and the latest information from USDA’s Farm Service Agency and Risk Management Agency, for planted and harvested acreage for corn, cotton, peanuts, rice, sorghum, soybeans, and sugarbeets in preparation for the September Crop Production report…The review typically takes place in October for corn, sorghum, soybeans, and sugarbeets, however the data are sufficiently complete this year to consider adjustments in September.”
“It is a little bit of a surprise for [NASS] to make this adjustment,” says McCormick. “I guess if they have the data, they ought to release it as quick as they can and that’s what they did.”
Look for a longer conversation posted on AgMarket.Net later today.