MarketEdge PM Comments
Aug 21, 2023
(Caleb Kaufmann)
Pro Farmer Crop Tour dominated headlines today finding better than expected yields on the first leg of the tour in Nebraska, South Dakota, and Indiana. Keep in mind however, these areas were the so-called garden spots compared to the rest of the Midwest. Both corn and beans were higher in the overnight trade but closed well of their highs. For the day, September corn was down 10 ¾ to $4.6875, December corn was also down 10 ¾ to $4.82, while November beans closed up 7 ¼ at $13.6050.
Have a great evening!
Pro Farmer Crop Tour dominated headlines today finding better than expected yields on the first leg of the tour in Nebraska, South Dakota, and Indiana. Keep in mind however, these areas were the so-called garden spots compared to the rest of the Midwest. Both corn and beans were higher in the overnight trade but closed well of their highs. For the day, September corn was down 10 ¾ to $4.6875, December corn was also down 10 ¾ to $4.82, while November beans closed up 7 ¼ at $13.6050.
- US corn crop is rated 58% G/E vs. 59% last week and 55% last year.
- US bean crop is rated 59 % G/E vs. 59% last week and 55% last year.
- Kyiv announced they are working with global insurers to provide coverage for grain ships traveling to and from Black Sea ports. Ships will stay much closer to the coast.
- The USDA announced this morning exporters sold 112k tonnes of corn to Mexico and 159k tonnes of soybeans to unknown.
- It is estimated Brazilian farmers are 77% complete with their Safrinha corn harvest.
Have a great evening!