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USDA shocks the market with higher corn & soybean yield, production and carryout. Lower winter wheat acres and carryover slightly friendly. SA numbers were not supportive either. Jim McCormick, AgMarket.Net
As 2023 comes to a close, it's not too early to evaluate pricing opportunities for the 2024 corn crop given projections and forecasts around acres, yield, and use.
Ken Ferrie expects yields to climb as Illinois farmers start harvesting more of their May-planted corn. Looking ahead, he says farmers will see some challenges from herbicide carryover in 2024.
Grains slide lower after the USDA lowered yield, production and ending stocks on corn and beans. Wheat was slightly negative with an increase in carryover. Jim McCormick of AgMarket.Net has analysis.
As stated in the Crop Insurance Handbook (CIH), an annual production report is required for all crops with a yield-based plan of insurance that are required to establish the approved APH yield. For ARPI policies , the production report collects the current crop year’s production by the PRD at the end of the crop year.
What’s more, it comes on strong in the early spring yielding loads of plant biomass and unparalleled nutrition for summer crops. It will be a good learning experience to see how nutrient carryover from winter killed covers compares with spring killed covers. This year was weird.
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