Good Morning,
Markets are lower again overnight as they monitor the Pro Farmer crop tour results and talks or lack there of with China.
Pro Farmer estimated Nebraska corn at 175.1 bushels per acre, up from 172.5 last year and above the 3 year average of 172.4. Bean pod counts were 1,298 pods vs 1,211 last year and above the 3 year average of 1,213.
Indiana corn yield was 179.8 bushels per acre vs 161.5 last year and above the 3 year average of 171.7. Beans pod counts were 1,281 vs 923 last year and again above the three year average of 1.135.
Pro farmer will move through Illinois and Iowa today. They will catch some of I-80 where much of the damage has been done. In Illinois, their path should be through some of the best corn, missing much of the Northern third of the state that has had very little rain in the last 10 weeks.
President Trump has indicated that the US will not meet with China on a 6 month review of the trade deal. Ag sales are on pace, energy is not. With the slowing economy, it would have been impossible for anyone to need a substantial amount of energy, let a long a major increase. China is not looking to secure ethanol as a blending mix for gasoline, instead targeting crude oil, when circumstances return to more normal.
Have a Safe Day!
Garry Gard
920-348-6844
ggard@didionmilling.com
