TFM Morning Update 8-23-2023


  • Corn is trading about a penny higher this morning but futures are still hovering around their lows despite crops dealing with stress from the heat.
  • The Corn Belt is forecast to miss much of the rain expected over the next 6 to 14 days, but temperatures are expected to cool down after Thursday giving the crop some relief.
  • The ProFarmer crop tour saw South Dakota with an average yield of 157.4 bpa, while estimates for Ohio came in around 172.4 bpa, similar to last year.
  • The gap between US and Brazilian corn has narrowed recently but FOB prices remain a bit cheaper in Brazil for August and September. US corn exports have been very slow with the main buyer being Mexico.


  • Soybeans are trading lower this morning along with both soy products lower as well. The crop tour has been finding pod counts higher than the previous year.
  • The crop tour completed its run through of Nebraska and Indiana yesterday and found pod counts in a 3×3 plot with an average of 1,160.02 in Nebraska and 1,309.96 in Indiana, both ahead of last year.
  • November soybeans on the Dalian exchange fell slightly today to the equivalent of $19.04 a bushel but remain near the yearly highs.
  • Cargill has agreed to buy plants from the Brazilian biodiesel maker Granol in an effort to expand its soybean production in South America.


  • Wheat is mixed this morning with Chicago slightly higher, KC a bit lower, and Minn unchanged, all near their lowest prices of the year.
  • Russia and Ukraine hit each other with more drone attacks last night with Ukraine targeting Moscow and Russia again targeting grain facilities in Odesa and around the Danube River region.
  • Russia’s estimated wheat production has again been bumped up to 92.1 mmt from 87.1 mmt for 23/24, far above the USDA’s most recent estimate of 85 mmt.
  • Russia seems to be the only country with a strong wheat crop right now as Canada, India, Argentina, and Australia all struggling with various weather issues and Ukraine unable to export the grain they do have.


Amanda Brill

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