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