Record High Corn Yield and WASDE Report for July
From the Ag Information Network, this is your Agribusiness Update.
**The Crop Production report issued by USDA’s National Ag Statistics Service forecasts corn production down 1% from 2023, at 15.1 billion bushels.
But AVERAGE corn yield is forecast at record high 183.1 bushels per acre, up 5.8 bushels from last year.
NASS forecasts record high yields in eight Midwest states as well as Idaho and Washington.
67% of this year’s corn crop was reported in good or excellent condition, 10% above last year.
**The 2024-25 WASDE report calls for larger corn supplies, lower domestic use, greater exports, and smaller ending stocks.
Corn production is forecast at 15.1 billion bushels, 47 million higher than last month.
Ending stocks are forecast down 24 million bushels to 2.1 billion.
The season-average corn price dropped a dime to $4.20 a bushel.
The wheat outlook is for lower supplies, slightly higher domestic use, unchanged exports, and smaller ending stocks.
**The National Milk Producers Federation and U.S. Dairy Export Council are asking the government to leverage all available tools if Colombia implements countervailing tariffs on U.S. milk powder exports.
They made the request in a letter to U.S. Trade Representative Katherine Tai and Ag Secretary Tom Vilsack.
They say Colombia’s recent decision to initiate an unwarranted Subsidies and Countervailing Measures investigation into U.S. milk powder exports is a tariff threat without merit.
