08/27/2023 Sunday Market Preview

Grains are expected to open steady to slightly higher in reflection of an extended forecast that remains hot and dry. Fresh news is otherwise limited to this point in the weekend. Monday’s market will trade in anticipation of the Crop Progress report scheduled for release after the closing bell. In the Headlines The Pro Farmer Crop Tour wrapped up with yield estimates that were slightly lower than anticipated, coming in with a national average of 172 bushels per acre for corn (USDA August at 175.1) and 49.7 bpa for soybeans (USDA 50.9). Citing a review of FSA data, their production estimates used 675,000 more harvested corn acres and the same amount of soybean acres as the USDA did on the August report. Among the most notable points were that Pro Farmer had Iowa corn yield declining from last year to 197 bpa and had Illinois yield lower on the year but higher than the USDA August estimate, at 203 bpa. Viktor Korobko of VEA Brokers in Ukraine commented on how his country is also dealing with hot, dry conditions at the moment. He mentioned that his estimates for corn and sunflower production are falling and that it has been too…