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The USDA Grains Supply and Demand (WASDE) Report released on July 11 did not seem to have any impact on corn and soybean prices, even though some of the data was somewhat “bearish” toward the grain markets. In fact, prices for both corn and soybeans increased immediately following the WASDE report. The report increased the 2019 U.S. planted corn acreage and lowered the national soybean acreage from the June estimates, which matched the crop acreage numbers in the June 28 USDA crop acreage report. However, many private crop analysts are questioning the USDA acreage numbers and feel there could be further adjustments in the coming months.
Corn and soybean prices are rising as a result of wet conditions that delayed spring planting in much of the Midwest, creating uncertainty about this year's harvest. The situation may be propitious for Minnesota crop farmers because they've been able to plant.
Even if the United States eventually reaches a trade agreement with China, the damage done from the ongoing trade war could take years to undo…