TFM Morning Update 8-22-2023


  • Corn is trading slightly higher this morning but is quiet as trade seems mostly unfazed by the hot and dry conditions.
  • Temperatures between the 90’s and 100’s will stretch as far north as South Dakota and Minnesota and as far east as Indiana and Kentucky before cooling off after Thursday.
  •  Yesterday’s crop progress showed good to excellent ratings for corn slipping by one point to 58% with 78% in the dough stage and 4% mature.
  • The Pro farmer crop tour in South Dakota yesterday saw corn yields averaging 157.4 bpa according to 91 samples taken. Last year, the average was 118.45 bpa.


  • Soybeans are trading slightly lower this morning and are getting pulled lower by lower soybean oil while soybean meal trades a bit higher.
  • The USDA kept the good to excellent rating steady at 59% good to excellent which is good considering the heat and dryness lately.
  • September soybeans on the Dalian exchange hit a new 2023 high today and are trading at the equivalent of $19.82 a bushel. This could explain the recent string of purchases from the US.
  • The Profarmer tour in South Dakota found an average of 1,013 pods within 3 square foot averages which is only slightly below the 3-year average. In Ohio, the counts came in at 1,049 pods.


  • All three wheat contracts are trading slightly higher this morning as prices try to find support among the lowest prices of the year.
  • Yesterday, prices fell after reports came out that Ukraine would be exporting grain through a new humanitarian corridor that hugs the coastline.
  • Yesterday afternoon, the USDA said that 96% of the winter wheat crop was harvested with work incomplete in Washington, Ohio, and Montana.
  • 39% of the spring wheat crop has been harvested which is below the 5-year average pace of 46%. For what is left, the good to excellent ratings were lowered from 42% to 38%.


Amanda Brill

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