September 6

9/6 – In its August WASDE report, the USDA made a conservative downward adjustment to its 2022/23 U.S. corn production numbers, while leaving its 2022/23 corn price forecast unchanged at $6.75 per bushel. That report was based on July numbers. Next week’s September WASDE (based on Aug data) won’t be as kind. Corn futures started 2022 at $5.89 per bushel and peaked at a 10-year high of $8.18 in late April on Ukraine war fears. Corn futures then corrected to a low $5.64 on 7/22 - but have since crept higher as in-field crop reports paint a glum picture for the western (drought) edge of the corn belt in Kansas, Colorado, and Nebraska. Corn futures closed at $6.69 on Friday (9/2). Trading after the holiday weekend will likely be higher, as traders catch up on crop progress. Expect the USDA to revise 2022/23 corn output downward by at least another 1% vs. a year ago.