Cash Strategist 8 21 2024

Latest WASDE keeps record yield potential

The U.S. Department of Agriculture (USDA) released its latest supply and demand update for corn and soybeans last week, and the report did little to encourage farmer sentiment.

There were minor adjustments on the demand side for both crops, but we're going to look more at the supply side today, and how the USDA continues to forecast record crop sizes via seemingly ever-growing yields.

At the state level, several states are expected to set new individual yield records for both crops, and some by a fairly significant margin. This is obviously reason number one for the record national yield projections, but there are also states expected to see relatively large year-over-year declines.

Let's take a closer look.

There are seven states currently projected to either set or tie their...