Corn is up 3 and soybeans are up 17 to start the day.
Day four of the Pro Farmer Crop Tour estimated Iowa corn yields at 182.8 bushels per acre, down from 183.8 bpa last year and the 184.1 bpa three-year average; soybean pod counts averaged 1,190, up from 1,174 last year and the 1,180-pod 3YA. Minnesota corn yields came in at 181.3 bpa, down from 190.4 bpa last year and the 187.6 bpa 3YA figure; soybean pod counts averaged 984, down from 1,101 last season and the 1,071-pod 3YA count.
The weather forecast for the next 2 weeks is hot and dry across the Central US. There really isn’t much rain anywhere in the models. There may be some pop-up thunderstorms as the ridge breaks down, but it returns around September 2nd. The ridge heats up into September 4th and remains hot until the end of the model run below on the 7th.
Despite the warmer forecast the markets are still holding a a bearish tone, especially in corn. Ultimately it all circles back to demand and that has not been good recently and is not forecasted to be good moving forward. As I have stated before, we could drop the US yield to 170 bpa(USDA currently at 175.1) and we would still have a stocks/use ratio greater than 12%.
Have a Safe Day!