On the Grains: In overnight trade, corn leans weak, beans firm, and wheat mixed. The market is absorbing Day 3 Pro Farmer Tour results and awaiting this morning’s weekly grain export sales. Expectations for those are as follows: New crop corn 200K to 750,000 tonnes, new crop beans 550K to 1.25 million tonnes, and wheat 250K to 450K. Once again, keep in mind that based on history, the variances from PF yield estimates from USDA’s August estimates in bu. per acre are not as important as the differences in percentage change from last year between PF and USDA estimates. From comments made in last night’s meeting by tour participants the most noteworthy were consistent warnings that the weather outlook will only diminish what they found, particularly in soybeans where pod count alone could overstate yield if the pods don’t fill well and plants simply shutdown. Here are Day 3 PF Tour details: ILLINOIS Pro Farmer Tour yield results: Corn – 193.7 bpa, up 1.6% from 190.7 in ’22 tour and up 0.8% from PF tour 3-yr. avg. for Illinois. It compares to USDA August estimate of 201 bpa, which was down 6.1% from their ’22 yield at 214 bpa. My observation: While up only 1.6% from last year’s…
207 Main St · PO Box 229 · Royal, IA 51357