Ryan Kelbrants

Aug 19, 2020

Highlights

  • The Pro Farmer Crop Tour results in day 2: Nebraska corn 175.15 bpa with a soybean pod count of 1,297.93. Corn yields are up 2% year on year and the 3-year average. The soybean pod count is up 7% from last year and the 3-year average. Indiana corn yield is estimated at 179.84 bpa with a soybean pod count of 1,281.12. Corn yields are 11% above last year and 5% above the 3-year average. The soybean pod count is 39% above last year and 13% above the 3-year average. Today the tour is in Western Iowa and Illinois and the tour finale with Iowa and Minnesota results on Thursday evening. 
  • Weather patterns show no major issues through the end of the month. Above-average temperatures are seen in some of the major growing areas. To view the latest 6-10 day forecast click here and 8-14 day forecast click here.
  • According to the White House officials, no new U.S. trade talks are scheduled with the Chinese. The two sides will remain in touch about the Phase 1 trade agreement.
  • The Phillippines has banned poultry products from Australia due to the presence of the H7N7 avian flu.
  • The National Drought Mitigation Center will release it’s weekly drought monitor tomorrow morning.
  • Outside markets as of 6:45 am CT: U.S. dollar is up 0.043 at 92.314 pts, crude oil is 37¢ lower at $42.52, DJIA futures are up 40 at 27,756, and gold is down to $20.60 at $1,981.00 per ounce.

 

Corn

  • Corn futures lower this morning on improving weather patterns.
  • The EIA will release this week’s ethanol numbers are 9:30 am CT. No major changes in production or stocks are expected compared to last week. Gasoline stocks are expected to drop 1 million barrels compared to last week.
  • In China overnight corn futures fell 2 1/2¢.
  • The Sept/Dec corn spread has held at 15¢ carry.

Outlook: 1-2¢ lower.

 

Oilseeds

  • November soybeans are up 1¢ at $9.15, soymeal is $0.80 per ton lower at $295.40 per ton, and soyoil up 25 points at $0.3146.
  • Dalian Exchange Settlements:  Domestic soybeans rose 37 3/4¢, Import soybeans fell 2 1/2¢, soymeal was down 2.75 and soyoil dropped 35 pts.
  • Malaysian palm oil rose 26 ringgits overnight and is trading 90 ringgits higher this week.  

Outlook: Slightly higher. 

 

Wheat

  • The wheat markets traded mostly higher overnight. Chicago wheat is up 5 3/4¢, HRW futures are up 3 1/4¢, and HRW is up 2 1/4. 
  • Japan is tendering for 80,000 MT of feed wheat and 117,063 MT of food-quality wheat from Australia, Canada, and the U.S.

Outlook: Chicago wheat up 5¢, HRW and HRS wheat markets up 2-4¢.