This data is for the estimate for ending stocks, we are not going to do production because USDA does not adjust production estimates in the December report.
Corn stock estimates is 1.241 billion bushels, up about 60 million from last month’s report.
Soybeans average guess is 236 million bushels, up 16 million bushels from last month.
Wheat the average guess was 578 million bushels, up just fractionally from last month.
Last year 2021 in the black dash line shows where USDA was estimating the yield, it dropped the yield in August but then bounced it back up and ended up at 177 at year end.
Ag resource by utilizing crop condition indexes which combine good, excellent, fair, poor, and very poor.
You can see that last year their condition, which is shown in the black line with white dots, very well tracked the USDA and final yield.
Based on that data, USDA yield this year is at 177 and the current crop condition index would put the crop at 175.3.
Ag resource believe that its going to be difficult for this year’s yield to reach last years record of 177.
Keep in mind if condition ratings fall next as we expect their yield model will fall as well.
We advanced from 12% to 30%, that’s an 18% improvement in soybean planting.
This week should be another good week pushing close to half done by next weeks report.
Nationwide planting is 49% complete, that is up 27% from last week.
We should get another good week this week and maybe push close to 70% planted
Soybean progress came in at 12% complete, near record lows. Next week we should see that pick up significantly, maybe pushing up close to 30% levels in next weeks reports.
It’s still going to be a slow start to the planting season, but like corn we will start to have much better percentages.
We are at 22% planted, that is near record lows. Next week we should see a nice improvement, we are estimating somewhere between 20-25% may get planted this week depending on how much rain falls between now and this weekend.
That could put us up into the upper 40s for percent planted.
Now that is still going to be an extremely slow start and we will still be 2 weeks behind average.
When we run the cumulative, we are now 14% planted, that is well below last year when we were 42% planted at this time.
Keep in mind in 2019 we remained extremely slow, and we planted quite a bit of crop from June 1
st and beyond.
Next week we could plant somewhere between another 7-10 % which could push us in the low to mid 20s, but that is still an extremely slow pace for planting in the US.
A week ago, we saw planting go from 4% to 7%, that was a 3% advance and this week we went from 7 to 14%.
But normally this week, the first week of May, we would have planted 19%. So, you can see we are running well behind the average.
Next week’s planting progress, even if we planted between 7-10%, that’s still going to be well below what would be average for this time of year.