TFM Morning Update 08-01-2023


  • Corn is trading unchanged to slightly lower this morning as temperatures will remain mild and rain chances will increase for much of the Midwest through this weekend.
  • Crop conditions released Monday afternoon reported US corn good to excellent ratings at 55% down 2% from last week and down 6% from the same week last year.
  • 84% of the US corn crop was in the pollination stage of production as of Sunday, this is 2% ahead of the five-year average.
  • December 2023 corn futures were 18-1/4 cents higher in the month of July.


  • Soybeans are slightly higher this morning as prices look to rebound after Monday’s sharply lower trade.
  • Private exporters reported the sale of 132,000 tons of soybeans for delivery to China during the 23/24 marketing year on Monday. This continued the trend of export sales from last week.
  • US soybeans were rated 52% good to excellent as of Sunday, July 30th, this was down 2% from last week’s rating and 8% below ratings the same week a year ago.
  • 50% of the US soybean crop was setting pods according to Monday’s crop progress report, above normal precipitation forecast for the entire Midwest into mid-August should aid in filling pods.


  • Wheat futures are lower across the board again this morning with Chicago futures leading the way lower.
  • US Spring wheat condition ratings fell 7% from last week coming in at 42% good to excellent as of Sunday, July 30th, this is down from 70% in the same week last year.
  • US winter wheat harvest was 80% complete as of this week, this is 3% behind the five-year average.
  • In the week ending July 27th, the US inspected 581,000 tons of wheat, this is up 220,000 tons from the previous week.


Amanda Brill

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