TFM Morning Update 08-20-2024

CORN

Corn is trading slightly lower this morning as the December contract continues to struggle to move solidly above the 4-dollar mark. Yesterday’s dry 8 to 14-day forecast caused prices to rally.
Both the 7-day and 8 to 14-day forecasts show dry weather and above average temperatures across Iowa, Illinois, and Indiana. While the weather may cause some stress, conditions have been good and yields should not be greatly affected.
Yesterday’s Crop Progress Report showed the good to excellent rating unchanged from a week ago at 67%. 97% of the crop is silking, 30% is dented, 74% is in the dough stage, and 5% of the crop is now mature.

Soybeans are trading lower this morning, but the November contract is 18 cents off its low from Friday as prices seem to be looking for a low. Yesterday’s announced sales by China were supportive to the soy complex. Both soybean meal and oil are lower this morning.
The ProFarmer crop tour is ongoing and yesterday in Ohio, soybean yields were seen below the USDA’s most recent estimates. Soybean yields in South Dakota were seen up from last year.
Yesterday’s Crop Progress Report saw the good to excellent rating for soybeans unchanged at 68% which is up 9% from a year ago at this time. 81% of the crop is setting pods and 95% is blooming.

All three wheat classes are trading slightly lower this morning as prices remain off their lows but rangebound. Spring wheat crop conditions improved slightly which may be pressuring futures this morning.
Yesterday’s Crop Progress Report showed the spring wheat crop rated 73% good to excellent which was up 1% from last week. 31% of the spring wheat crop is harvested which is up from 18% last week. 96% of the winter wheat crop is harvested which is only up 3% from last week.
According to the USDA export inspections report yesterday, there were 348k tons of wheat exports reported for the week ending August 15. This compares to 667k tons last week and 311k tons a year ago.

Amanda Brill