While rains have slowed late season Corn and Soybean harvests in the US Midwest, production forecasts remain at historically strong levels. Per the USDA ‘Weekly Weather and Crop Bulletin’ released 13Nov13,
- Corn production is forecast at 14.0 billion bushels, up 1 percent from the previous forecast and up 30 percent from 2012. If realized, this will be a new record U.S. production.
Soybean production is forecast at 3.26 billion bushels, up 3 percent from the previous forecast and up 7 percent from last year. If realized, production will be the third largest on record.
- Winter Wheat plantings, emergence, and crop quality are ahead of previous year and 5 year average levels.
The following table summarizes US Crop Progress and Condition for the week ending 10Nov13:
Drought conditions persist in the US Southwest and the US Plain States, impacting pasture qualities and livestock feed costs.
Murphy & Company position models currently hold positions in Corn (symbol: C), Soybean (symbol: S), Wheat (symbol: W), Rough Rice (symbol: RR), Sugar No. 11 (symbol: SB), and Coffee C (symbol: KC).
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