Corn futures feeling the weight of the first day of the Pro-farmer crop tour
Day one on the Western leg: South Dakota estimated corn yield at 178.0 bu/acre, up from 148.0 bu/acre last year
Eastern leg: Ohio corn yield pegged at 179.6 bu/acre, up from 164.6 last year
Keep your eyes on Twitter: #pftour18
Western tour leg is in Eastern NE today and early estimates remain Huge!
USDA’s corn conditions ratings were overshadowed by the crop tour
National corn crop ratings fell by an additional two points to 68% good/excellent
Ratings remain 6% ahead of last year
Ratings have fallen in 7 of the last 9 weeks
ND was down a sharp 9 points
CZ18 closed marginally lower Monday, short-term trend is choppy as we continue to await a change in fundamentals
Consolidation phase in CZ18 should see resistance around $3.88 ½ and nearby support at $3.66
Soybeans: SX18 -4.00¢, SF19 -4.00¢ SH19 -3.75¢
Beans have an eye on Trump’s Twitter as well as any good or bad news that may come from tomorrow’s meeting between lower level US and Chinese officials in Washington
It’s anybody’s guess as to what rhetoric will come out of these meetings
If August rains are what truly makes a bean crop then we shouldn’t be surprised to see a record bean yield this year
Basis is flat to weaker as the shuttle facilities are leading the charger lower for NC basis due to the lack of a PNW bid
Wheat: KWU18 -9.00¢ MWU18 -6.00¢
The futures drifting lower in wheat markets again today, taking off nearly all the premium of last week’s rally.
US export market is uncompetitive
Spring wheat conditions down 1 point this week
Spring wheat harvest at 16% higher than last year at 60%
Increase of 25% week on week
Winter wheat harvest 1 %lower than last year at 97%
Increase of 3% week on week
Russian Ag Minister announcing today there will not be a need for a tariff.
ECG's Happenings
Estelline Coop Grain Seed Plot Day will be September 11th from 11am-1pm. Lunch will be served. Hope to see you there!!
The 2018 HRW wheat harvest continues advancing toward completion in the Northern Plains and Pacific Northwest, lagging behind the five-year average as noted by the U.S. Wheat Associates in their recent weekly harvest report.
