Grain were called to a slightly stronger start on additional war premium and returning weather risk. In the Headlines The crop yield debate continues to build based on fresh reference points from last week’s USDA report. Corn and soybean yields were down by more than anticipated by the average trade guesses, with corn yield at 180.7 versus the prior projected trend of 183 and soybean yield at 52.7 versus 53 from July. The arguments for higher or lower depend on views about damage already done before early August rains, and how much the drought-stricken Plains can pull away from national averages propped up by the Midwest. Relatedly, traders were discounting the large corn acreage increase for what may not make it to harvest. Among the standout individual state yield estimates, Iowa and Indiana were predicted with new corn yield records while Illinois, Indiana, and Ohio were projected with record soybean yields. Part of the assessment will include the possibility of rains over the last week having tilted more damaging than beneficial because of all the flooding. Ukraine was the common subject of headlines over the weekend for launching “one of its largest aerial attacks of the war.” Russia and Ukraine…
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