E206: All-Time Record Soybean Crop in August WASDE

The August WASDE dropped Monday August 12th, bringing with it the surprising news of an expected record soybean crop on the horizon for US growers. This update was fueled by fresh yield forecast numbers, but even more so by USDAs contention that one million acres of additional soybean acres were planted than previously thought, driven in part by wet weather during the planting season forcing a shift from corn to beans. DTN’s Lead Market Analyst Todd Hultman joins us today to help us understand the latest figures, and how they fit into a complicated seasonal weather picture that, today, is looking impressively balmy. We’ll talk about potential bright spots in the soybean demand picture, how corn might benefit from the shifts on the soybean front, and where the wheat picture might be providing some respite. Then we’ll plug these updates into the global picture to discuss the US crop export pace, global ending stocks outlooks, and whether or not USDA might update its Latin American numbers to match local estimates.Then we’ll talk interest rates, pre-harvest weather, and what might lie ahead in terms of geopolitical unrest and the grain markets.