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)
| Average Estimate | USDA August | USDA 2022 | |
| Corn Yield | 173.3 | 175.1 | 173.3 |
| Corn Production | 14.994 | 15.111 | 13.730 |
| Soybean Yield | 50.0 | 50.9 | 49.5 |
| Soybean Production | 4.139 | 4.205 | 4.276 |
2023/24 Carryout (Billion Bushels)
| Average Estimate | August 2023 | |
| Corn | 2.140 | 2.202 |
| Soybeans | .207 | .245 |
| Wheat | .613 | .615 |
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
