Markets are down again this morning as corn starts the day out 9 lower and soybeans 14 lower.
Prices got hit hard yesterday as chart related selling rolled things lower in corn, beans and wheat. Those types of clean outs happen from time to time and end up creating a long-term market lows. There still looks to be some issues this morning dealing with the wreckage created across all markets yesterday. This may take another day or two to air out, but the break should be slower than it was yesterday.
Pro Farmer IA corn yield at 191 vs 178 ly and USDA 193. IA soybean pod count 1,217 vs 1,146 ly. Pro Farmer MN corn yield 177 vs 195 ly and USDA 166. MN soybean pod count 1,027 vs 1,085 ly. Pro Farmer is confirming the lower yields in Minnesota, and was surprisingly low for Illinois, where a record crop is expected. From all the pictures coming in from the tour crop maturity is ahead of schedule. Early plant dates and heat this summer have really moved this crop along. Historically Pro Farmers yields are well below the USDAs August and final numbers, so this should not come as a surprise. What should be a concern for producers is how much higher Pro Farmer yields are compared to last year.
Look for a bumpy trade today as the charts are a mess and more rain is on the way. Traders are fearful as always of Covid. I don’t think that the market would go into wholesale liquidation and have the funds get out of all of their positions, but Covid can make anything happen.
Have a Safe Day!