The U.S. crop outlook has been boosted by favorable weather, but will corn yields set a record? Using Eikon agriculture data and insight, our recent Minneapolis Ag Forum examined prospects.
- The Minneapolis Ag Forum covered 2018/19 weather observations, the latest on corn and soy production, and the agriculture data available on Eikon.
- Largely favorable weather conditions have boosted the U.S. crop outlook, although yields for corn and soy are unlikely to beat 2017.
- The agriculture data and insight available on Eikon includes the use of vessel monitoring as well as port inspections.
The recent Minneapolis Ag Forum enabled more than 100 industry professionals to gain detailed insight on the weather and growing conditions driving the U.S. crop outlook in 2018.
The sessions showed that weather conditions have been largely helpful for U.S. farmers, but that corn and soy yields are unlikely to beat last season’s high levels.
There was also an opportunity to discover more about the new and upcoming agriculture data and insights available on Eikon.
Weather and U.S. crop outlook
Weather research analyst Isaac Hankes gave the forum a detailed overview of North American weather from April 2018 to February 2019, reviewing weather conditions for 2018 Spring and 2019 Winter Crops.
His review began by detailing the cold conditions that slowed planting in April before May-June warmth allowed the planting pace to catch up.
In July, after early heat, cool and wetter conditions arrived to the benefit of crops at a critical time.
Developing dry conditions in August were the main concern in what looked to be a favorable month overall.
He said Eastern corn belt wetness was the only apparent downside risk for the harvest season from September to November. He predicted that ideal conditions for winter wheat could be in store, barring regional dryness.
While the presentations focused on North American crops, there was also an overview of the analysis available from Eikon on global regions including Europe/Eurasia.
U.S. crop production forecasts
Agriculture analyst Libin Zhou then reviewed U.S. corn and soy yield and production.
Her team’s crop production forecasts combine weather research, satellite imagery and economic data using machine learning.
She noted that after the cool start, heat in May-June arrived to push development at or above average rates for both corn and soy.
Looking ahead, she estimated that developing dry conditions and shortened grain/pod fill periods would be the main concern in what had been a favorable August to that point.
The Eastern corn belt wetness was the only apparent downside risk for the harvest season.
Will we see record crop yields this season?
She saw potential in corn, although it’s more likely that yields will hover at levels below 2017. For soy, a record is not likely due to dry conditions in the Delta and Southern Plains.
Agriculture data and insight
Anna Luangxaysana, Global Agriculture Product Manager for Eikon, reviewed the wealth of agriculture data and content available on Eikon.
She gave an overview of the World Agricultural Supply and Demand Estimates content, as well as the features and benefits of our fundamentals database.
This is the source for information on global supply, demand, area, yield, production, imports, exports, stocks/inventories.
The database on Eikon also provides the most comprehensive cash market data for grains and oilseeds of any product.
The presentation highlighted vessel lineup flows, including Brazil & Argentina summary pages covering corn, soybean, soymeal, soybean oil, sugar and wheat.
Along with port inspections data, we monitor vessel activities with real-time satellite tracking data.
The Ag Forum program, held at Surly Brewing Company in Minneapolis, wrapped up with networking and opportunities to discuss the U.S. crop outlook and future growing season with the analysts.