Good morning,

Corn is up 1 and soybeans are up 10 to start the day.

Corn and soybeans had a bit of a setback yesterday. Both corn and beans are still above their recent lows. Beans have a slightly friendly look, but stiff overhead resistance in the $9.90 to $10.00 range looms ahead. Wheat put together a couple of good days, but is lower in the overnight session.

Various news wires reported yesterday that Chinese officials have met with major grain importers to ‘suggest’ that they should prioritize domestic grain purchases vs. those coming from aboard. Domestic grain prices are suffering, and this is an attempt to help support them. Milo and Barley were the main focus of the discussion, though corn prices are also suffering multi-year domestic price lows. They have been stockpiling certain crops as prices have moved lower.

Private consultancy AgRural yesterday reported the start of 2024/25 first-crop Brazilian corn planting, at just over 4% complete this week; that’s down from 7.5% on the comparable date last season. First-crop plantings are seen down 3.5% from last season due to low prices and La Nina concerns.

Look for the markets to trade sideways to lower heading into the three day weekend.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

All commodities are in sell mode this morning as corn is down 4, soybeans down 19 and wheat is down 3.

Steady crop ratings, when ratings normally fall, rain in the forecast and follow thru selling from yesterday’s crop report in soybeans are pressuring the market today.

The August crop report saw a downward adjustment of 800,000 acres in corn, to 90.7 mil acres.  US wheat seeding was down 900,000 acres to 46.3 mil acres, while soybeans gained 1 million acres.  Crop yields are forecast at a record 183.1 bpa in corn, and soybeans at 53.2.  The acreage adjustments came from FSA reported acres that are official since they are certified acres for any producer that carries crop insurance. The USDA adds about a million acres into the USDA reports from FSA data for both corn and beans to account for those not in the program.  Overall, there were close to 5 million acres of prevent plant this year, which is close to what the statistics suggested.

Corn and soybean condition ratings remained steady this week at 67% and 68% good/excellent, respectively—both ahead of last year and their respective five-year averages.

2023/24 US Carryout (Billion Bushels)

USDA 2024 US Yield (Bushels per Acre)

USDA 2024 Production (Billion Bushels)

USDA 2025 US Carryout (Billion Bushels)

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

The markets are higher to start the day with corn up 5 and soybeans up 7.

Futures have put together three consecutive days of higher trade. September futures have hung above the $4.00 mark for the last two days and should do so today barring any major selloff.

A few fundamental factors could be changing, which could cause greater price volatility in August than previously estimated. A warming forecast for the next two weeks could have the managed money crowd moving their short position.

The outlook for well above average summer heat is likely and it makes you ask the question about how the crop may finish out nationally. It will be interesting to see if the impending heat takes an edge off the corn yield with any late pollination and if soybeans can fill out pods. Precipitation is also split nearly down the center of the county with a dry Western belt and an average Eastern belt.

We have had reports in the last few days of new crop export sales for corn and soybeans to unknown destinations that has added some support to future contracts. New crop exports are on pace with last year’s numbers, but behind the 5-year average.

Old and new crop sales should be made on what I believe is a short-term bounce in the markets. We have failed to sustain our highs the last two days, which indicates the weakness in this rally.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Corn is up 3 and soybeans are up 2 to open the day following yesterdays massive selloff in both commodities.

Last night’s storms in Northern IL may go down in history as one of the most prolific tornado producers in the Chicagoland area ever. At one time, there were 16 tornado storms as they approached the suburbs. The possible derecho started in central Iowa around 4 pm and is now approaching the Ohio River. The storm has lost its wind intensities, but there are still flood watches posted from the associated heavy rains. Damage reports are just coming in and it is hard at this time to determine if there was significant crop damage. Regardless of damage reports, it is not going to be in a large enough area to impact the markets.

Corn and soybean condition ratings were steady this week at 68% good/excellent each; the former remains above 57% last year and the 62% five-year average, with the latter ahead of 55% LY and the 60% 5YA.

Rains cover up the Southern US this week and there is no evidence of a dome in the Central US.  Some heavy rain fell overnight, mostly in Illinois.  When I look at the 15-day forecast the heat stays out west, leaving the east normal for temps.

Have a safe day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Corn is down 7 and soybeans are down 11 to start the day.

Its Friday and its REPORT Day! The USDA will release 2024 and 2025 carryout numbers as well as 2024 production numbers this morning at 11am. Based on recent and current forecasts for weather, things are shaping up to be good this year. While prices are depressed, producers are advised to get sales of old and new crops on the books as the future is not bright today.

Fridays USDA report estimates are listed below.

USDA 2023/24 US Carryout (billion bushels)

USDA 2024 US Yield (bushels per acre)

USDA 2024 Production (billion bushels)4.

USDA 2024/25 US Carryout (billion bushels)

Check back at 11am for todays update.

Garry Gard

920-348-6844

ggard@didioninc.com