Crop yield estimates out from Pro Farmer

Agribusiness

The Pro Farmer crop yield estimates are out. After a week of touring, Pro Farmer estimates corn at 15.1 billion bushels nationwide with an average yield of 177 bushels an acre.

Illinois has the highest corn estimates at 212 bushels per acre, with Indiana also jumping 200 bushels an acre estimates.

In soybeans, it estimates 4.4 billion bushels with a yield of 51.2 bushels an acre. Three states had soybean harvest estimates over 60 bushels an acre including Illinois at 66, Indiana at 62, and Ohio at 60. South Dakota had the lowest harvest prediction at 41 bushels an acre.

Overall farm bankruptcy rates are dropping. Despite COVID-19 challenges and bad weather, higher commodity prices and government support have turned around year-over-year increases in Chapter 12 bankruptcies.

The American Farm Bureau says the data from June 2020 to June 2021 found 438 Chapter 12 bankruptcy filings, down 24 percent. The filings over the last 12 months are the lowest since 2015. The Midwest, which leads all regions of bankruptcy filings had 61 fewer in the past year.

The cattle on feed report was out late Friday showing fewer stock in Iowa. Feedlots with more than a thousand head had about 600,000 head according to the National Agricultural Statistics Service which is unchanged from last month but three percent lower than 2020. Iowa feedlots with fewer than a thousand head had 455,000 thousand animals, down five percent from last month and nine percent from last year.

Nationwide, the report shows feedlots with more than a thousand totaled 11.1 million,  down two percent from last year.

Our market analyst Jamey Kohake has the start of the week markets.

“We’re seeing a two-sided trade, corn a bit lower, beans a bit firmer, we saw a wild trade finishing off last week starting in soybeans. No fresh exports were announced today, we’re pretty much sitting here, breaking out toward where we were on these last lows that we have not seen really since the middle part of June. But here this week pretty much we’ll see if we can get a bounce off of this extreme heat and moving on. And also to a technical correction moving back to the upside as a lot of the weather premium got wiped out last week. Corn is still sideways to maybe a bit better at times until we get a better handle on the yields during harvest and obviously, we’re weeks away from that. Over to the meat sector, very solid day, we had the cattle on feed report come out after the close on Friday. It was supportive. And also too, pretty much playing catch-up, the box market is on fire again we’re back above 300 in both choice and select. Hogs look to be sluggish right now seasonally and kind of see the market tail off here through Labor Day and go sideways to lower, nothing major selloff wise, there’s just nothing major short term.”

The Colfax sheep and goat auction on Saturday saw a sale of 510 head of sheep.

Feeder lambs fetched the day’s high average price of $2.50 per pound, while fed lambs averaged $2.38 per pound.

There were 114 head of goats at the auction, which saw a high average price ranging from $140 to $400 per head.

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