USDA Releases July WASDE Report

The USDA released its July WASDE report on Friday.

 

Dan Basse is president of AgResource Company in Chicago.

 

"The market has reacted somewhat negatively...the report didn't have any major surprises," said Basse. "Maybe a surprise in the report is that China soybean imports were left at 96 million metric tons, both in this crop year, which is just about over with, and the new crop year. USDA is not forecasting that China will take additional soybeans or oilseed crops in that time frame."

 

He gave an update on U.S. crops.

 

"So far, so good," said Basse. "We've got some stress down in the southern half of Illinois, Indiana, and Ohio...They've seen some drought stress, we need some rain in those areas. We are looking at weather models that are divergent beyond the next seven days but we do have a chance for rain through Tuesday in almost all of those areas. I think it's a question of how much will fall and then do we get that hot, dry forecast later next week."

Video: Spring Planting Prep Just Got Serious… We NEED This!

Getting closer to planting season means one thing… it’s time to get EVERYTHING ready.

Today didn’t go exactly as planned—we thought we’d be hauling potatoes again, but instead we spent the day digging equipment out of the cellar, hooking up the grain drill, and getting tractors ready to roll. With wheat planting just around the corner, every piece of equipment matters.

Of course, it wouldn’t be a normal day without a few problems… dead batteries, hydraulic issues, and a truck tire that absolutely refused to cooperate. We tried everything—jump packs, bead bazooka, ratchet straps… and eventually had to bring out the “big guns” just to get things moving again.

But that’s farm life—adapt, fix, and keep moving forward.

We’re getting close to go-time. Wheat seed is coming soon, and planting season is right around the corner