USDA Modifies 2017 Corn, Soybean Production Forecast

USDA Modifies 2017 Corn, Soybean Production Forecast

USDA Modifies 2017 Corn, Soybean Production Forecast

"Tuesday's crop report data was collected well before Irma and was either finished before Harvey hit Texas or the data collection was impacted by Harvey, so the numbers being forecast are subject to change", he explained.

Soybeans dropping leaves was 26 percent, behind 42 percent a year ago and the average of 44 percent. There is a caveat though, according to USDA's Gary Crawford. Last week, crop watchers said 50% was in good condition; 11% excellent and 28% fair condition.

Chicago Board of Trade corn and soybean futures, which were trading in negative territory before the report was released, dropped to session lows. Soybeans were 0.2 percent lower at $9.58-1/4 a bushel after dropping on Monday to $9.56-3/4 a bushel, the lowest since September 5. Soymeal fell 20 cents to $303.40 a short ton and soy oil futures declined 0.13 cent to 35.02 cents a pound.

December Wheat delivery rose 7.25 cents, or 1.67%, to 4.42 bu.

Russian Federation reportedly used Facebook to organize rallies in US
According to the Beast, Facebook confirmed the events were taken down in the same purge of the $100,000 ad buy network last week. Facebook declined to provide details of the promoted events. "We must stop taking in Muslim refugees!" the description warned.

The crop progress report released September 11 shows a slight drop in soybean conditions but corn remains stable.

The most active corn contract for December delivery dropped 6 cent, or 1.68 percent, to 3.515 US dollars per bushel. Soybean production was forecast at 4.431 billion bushels, up 1% from August and up 3% from 2016. New-crop inventories are seen at 2.18 billion bushels, down from the prior outlook for 2.273 billion bushels. Soybean yield is forecast at 45 bushels per acre, down 4.5 bushels from previous year. That's down from the August USDA estimate of 4.381 billion bushels on yields of 49.4 bushels. Area harvested for grain is forecast at 83.5 million acres, unchanged from the August forecast but down 4 percent from 2016.

Elsewhere in the Midwest, the maps look pretty quiet with only slight chances of rainfall in parts of western and north-central Nebraska, the NWS said. Power isn't expected to be restored in some areas for weeks, according to the White House. Rainfall is expected in parts of Alabama, Mississippi, Tennessee and Kentucky during the next 48 hours, according to weather maps.

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