Good morning,

Markets are lower to start the day with corn down 5 and soybeans down 5.

Traders will be focused on the WASDE that will be out at 11am today. Traders are looking for a reduction in corn yield and a little change in soybeans. This is probably what we get, so I expect the report will be uneventful. Below are the estimates for today’s report.

2022/23 Harvested Acreage (million acres)

2022/23 Yield

2022/23 Production

2021/22 Carryout (Billion Bu)

2022/23 Carryout

Have a safe day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Markets were higher overnight with corn up 9 and soybeans up 15.

Pro Farmer will move through Illinois and Iowa today.  So far yields have been down from last year just about everywhere they have been.

Day two of the Pro Farmer crop tour found Nebraska corn yields at 158.5 bpa, down from 182.35 bpa LY and the 176.7 bpa 3YA; NE pod counts came in at 1,064, down from 1,226 LY and the 1,245 3YA.

Indiana corn yields were 177.85 bpa, down from 193.5 bpa LY and the 178.3 bpa 3YA; soybean pod counts of 1,166 fell below 1,240 LY but did beat out the 1,148 3YA figure.

Since mid-July, more than 93% of Texas has been in drought, according to the United States Drought Monitor. As of mid-August, more than 26% of Texas was at the highest level, characterized by widespread loss of pastures and crops as well as water shortages.  While conditions are especially acute in Texas, about 54% of all U.S. cattle were in some form of drought as of Aug. 16, up from 36% a year earlier. Cattle slaughter is high nationwide, temporarily increasing supply but portending tighter supplies in future years.

With almost all of Texas in drought, ranchers are sending ever more cattle off to slaughter, a trend likely to increase beef prices over the long term due to dwindling supply from the largest cattle region in the United States. This will have an impact on meat prices at the retail level and reduce the feed demand next year.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Markets are higher this morning with corn up 22 and soybeans up 18.

Corn ratings fell 2% this week to 55% good/excellent, down from 60% last year and the 62% five-year average; corn silking, doughing, and denting remain behind their respective metrics with maturity initially coming in even with LY and the 5YA at 4%.

The Pro Farmer crop tour found average SD corn yields at 118.5 bpa, down from 151.5 bpa last year and the 161.6 bpa three-year average, and the worst since 2012. Average soybean pod counts came in at 871, down from 997 last year and 1,027 on average. The Eastern leg of the tour saw OH corn yields at 174.2 bpa, down from 185.1 bpa LY but above the 169.0 bpa 3YA; soybean pod counts hit 1,132 pods, down from 1,195 LY but above the 1,038 3YA.

FSA acreage data showed total acres in the US at 248,861.305 vs 254,182,188 last year.  Corn acres were 86,767,676 million acres down from 91,360,490 last year.  Beans were 86,487,293 vs 86,258,283 last year.  Wheat acres were 47,445,407 vs 49,439,068.  Cotton acres were 13,348,355 vs 10,904,536.  Total prevent plant was 6,386,494.  There were 3 million acres of prevent plant corn, a million beans and a million wheat.

With the CBOT moving higher, basis levels are going to continue to crumble. I would suggest producers lock in basis on any unsold old crop corn!

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Weaker markets to open the day with corn down 22 and soybeans down 64.

The USDA did end up adding to old crop stocks in corn and beans Friday. The cut came from ethanol grind and exports.  The US has sold very little corn in export and soybeans have seen net cancelations.  This was not a surprise and we guessed as much.  The USDA did end up lowering corn yields from 177 down to 175.4 due to hot dry weather.  Corn carryout was slightly lower at 1.388 vs 1.470 in July.
The USDA raised the bean yield from 51.5 to 51.9.  This would be a new record sized crop for soybeans.  The USDA also set bean carryout higher at .245 vs .230 in July.  How corn trended lower in yield and beans higher, we do not know.  I was guessing they would just leave it the same as July as August weather makes the bean crop and final yield is far from known.  The USDA made almost no changes in wheat, raising the yield by .2 bushels per acre.

The 7-day forecast has rain moving into Nebraska, Western Iowa, Eastern Kansas and Missouri.  Totals will be from .5-2.5 inches.  The driest areas of the drought look to have a shot at significant rain this week.  Temps are cooling down and the ridge has moved the far Northwest allowing the cool front to bring thunderstorms.  Temps look to be cool for the next 15 days.

I think we stay rangebound for the balance of the month.  Corn has an open chart gap at 5.85.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

USDA WASDE report will be released at 11:00 am today. Estimates for todays report are listed below.

21/22 US ending stocks (million bu)

22/23 US ending stocks (million bu)

22/23 Production (million bu/million acres)

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com