Good morning,
Markets higher to start the day with corn up 5, soybeans up 14 and wheat up 15.
Hot dry weather is forecast next week as Pro Farmer starts their tour of the Midwest. Pro Famer’s estimates of yield generally trend with the USDA but have missed yield considerably as they use average ear weights in their final formulation. Soybeans estimates are similar as it matters how large or small final seed sizes are.
The first container ship (which carried at least some grain) to leave Ukraine’s Odesa port post-Black Sea deal has safely reached the Istanbul strait today. Turkey’s Defense Ministry announced plans to restore a Black Sea grain corridor without Russia’s agreement, in addition to alternative routes that have been developed and aided by neighboring countries. Romania’s Prime Minister said he’s looking for 60% of Ukraine grain exports to move through Romania, though he said the doubling of grain capacity through the country is an “ambitious target”.
The forecast is hot and dry to finish out the month of August. The strongest dome this summer sets up next week and remains above average temperatures on the 15-day model run. The dome pushes rain up into Northern Canada and into the far western US.
Have a Safe Day!
Garry Gard
920-348-6844
