Indiana farmers were at the table in Washington when USDA rolled out the report that sent the corn market reeling Monday and Tuesday. Thanks to the Indiana corn and soybean checkoffs, there were Hoosiers in attendance Monday for the August crop report lockup. Ed Ebert, Senior Director of Grain Marketing for Indiana Soybean Alliance and Indiana Corn Marketing Council, said after the briefing he knew what was in store for the market after looking at just two numbers, corn planted acres, and corn yield.
“We were taken to the briefing area where the put copies of the report,” Ebert explained. “Part of the group went into the area to see the process where the boards actually sit together and work through the numbers. I ducked into the briefing area to take a glance at the numbers and as soon as I saw 90 million acres planted for corn and the 169.5 bushels for yield, really the rest of the report became somewhat insignificant because I think the market was really paying attention to the corn planting number. It was well above the market expectation in both acres planted and total production.”
Ebert has attended a two-digit number of these reports and this one was the most surprising result he had witnessed. This has been an unusual year when looking at both planting dates and crop development, but Ebert urges caution on expectations of any major changes in corn production in the September report, even with the addition of in-field objective data.
Ebert told HAT in a normal year the changes seen in U.S. soybean production estimates from earlier in the year to now would have been a market positive, but plentiful supplies and ongoing trade concerns continue to created headwinds.
Hear more of Ebert’s comments:Ed-Ebert-August-crop-report
Making the trip to Washington with Ebert were Indiana Soybean Alliance directors Gary McDaniel, CJ Chalfant, Larry Wilkinson and Roger Bommer, and Indiana Corn Marketing Council director Luke Schnitker. The trip was funded with checkoff dollars.