The Money Farm director Luke Swenson is surprised at the soybean yield estimate in Monday’s report from USDA. At an estimated 48.5 bushels/acre, Swenson says soybeans are the bullish story. “We shaved five million acres off of expected production. They were expecting a slight increase,” says Swenson. “That’s a big shift. You come back and shave a few bushels off the bean ending stocks number or a few bushels off of production and you have ending stocks back at 400 million bushels in the middle of a trade war and African Swine Fever wiping out 40 percent of China’s hog population,” he says. “I feel like I should be angry at this report, but I’m not.” Swenson is still looking at the corn production numbers, trying to decide if the estimated crop reduction in Indiana, Ohio and Illinois is sufficient. “What are the areas that are going to compensate for it?”
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