09/05/2023 Focus Builds on What September 12 WASDE May Show for Ending Stocks

NEW FEED RECCO FOR CORN DAY 3: Past advice had you covered on 50% of corn needs through yearend. Hedge the remaining half on this latest break in futures. On the Grains: Markets are soft to start the week as further stress on U.S. yield potential is likely, but traders unsure if USDA will drop their own estimates in the Sept. 12 reports enough to confirm the Pro Farmer Tour findings or not. It’s important to keep in mind the Pro Farmer estimates were for final yield, and not necessarily, what the September report will show. This is exactly the kind of year where traditional “field check” procedures may exceed what we find when combines roll. Weekend weather in the U.S. was every bit as hot and dry as expected across the central U.S. if not more so. By the end of the week visible stress shrinking yield hopes is expected to expand from about a quarter of the Midwest corn and bean crops to half of it by the end of the week. This afternoon’s crop condition ratings should show further deterioration that could exceed the “normal” decline in these ratings this time of year as crops brown off. In…