Good morning,

USDA report day. Trade estimates and final report data are listed below.

2022/23 Carryout (billion bu)

2023/24 Carryout (billion bu)

2023 US Harvested Acreage (Million Acres)

USDA 2023 Yield (Bushels per Acre)

USDA 2023/24 Production (Billion Bu)

We are going to need to see some dramatic changes to demand to move corn higher and that doesn’t appear to be in the cards for 2024.

Have a safe day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Markets were higher overnight with corn up 2 and soybeans up 7.

Look for the markets to be flat today as traders await tomorrow’s USDA report. Estimates for tomorrow’s report are listed below.

2023 Production (Bushel/Acre and Billion Bushels)

2023/24 Carryout (Billion Bushels)

Crops have gotten smaller in August, how much so is up for debate.  It’s difficult to get the markets too excited in corn unless yields drop to 170 or lower. This seems unlikely as big crops in the south and east should offset problems in the NW.

Have a Safe Day.

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Markets are mixed to start the day with corn up 3 and soybeans down 2.

The ridge breaks down this week bringing more normal temperatures and chances for rain around the Midwest.  The weekend was hot and dry as crop conditions headed backwards for another week.  The driest areas will remain the same as most of the rains are pushed up North or settle in the Southwest.

Russia attacked Odessa and Danube River grain facilities over the weekend.  Russia has said they will try to prevent grain out of the Ukraine leaving through the Black Sea.  No compromise for a Black Sea grain corridor has been met.

Private estimates will start to come out this week for the next USDA report that will be released on the 12^th. Look for the markets to trade sideways to higher today with the expectations that the crop conditions dropped over the last week with hot and dry conditions. For the time being we appear range bound and will need some outside news or early harvest reports that are disappointing to move this market higher.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Markets are stronger heading into the extended weekend. Corn is up 5 and soybeans are up 4 to start the day.

The long-range trend in weather for the Central US is still mostly dry and hot.  The hurricane is breaking up the atmosphere and holding the ridge at bay, but that changes this weekend.  Another tough week is forecast for bean development.

Russia’s Foreign Minister Lavrov said they see “no sign of new guarantees” on their side of the Black Sea grain export deal, ahead of a meeting with Turkish officials brokered by the United Nations; they are still looking for “uninterrupted export of their own grain and fertilizer”. U.N. officials said they had sent Lavrov “a set of concrete proposals” aimed at reviving a deal.

The markets are forming a low and I think we head higher over time.  The question is what will move them higher. I do think that producers need to reset their price expectations that have been in place for the last couple years. $6 and $7 corn are not in the cards.

Have a good Labor Day weekend!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

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!

Garry Gard

920-348-6844

ggard@didioninc.com