Market Update

Todaymarks the start of a new marketing year for U.S. corn and beans.

Extremeheat is expected to persist in mostly the Western portion of the Midwest.August is a big month for bean development. Even though the Pro Farmer Tour hadlarge pod counts. The market will be watching closely how beans finish and podfill as harvest nears.

Lastweek the markets were closely watching the Pro Farmer Crop Tour. The tourencompasses 7 states and scouts randomly select corn and bean fields in most ofthe counties along a pre-determined route given by tour organizers.

LastFriday, Pro Farmer released its crop projections. Corn yield was estimated at172 BPA in comparison to USDA’s corn estimate of 175.1 BPA. The Tours beanestimate is 49.7 BPA with USDA’s number at 50.9 BPA.

Dec.corn contract is currently trading down 10 cents for the week, Nov. soybeansgapped higher in Sunday night open but has since settled back 16 cents. Wheatis trading 12 cents lower for the week.

MississippiRiver levels as of this morning is 2.5 feet below normal. This is not helpingwith exports for commodities moving out of the U.S.

Mondaykicked off the 14th annual Great Lakes Grain Crop Assessment tour. The tourruns from August 28th – September 8th. Great Lakes Grain and FS Memberedcompanies have been out counting. The results will be released at Canada’sOutdoor Farm Show in Woodstock on September 12th. Come visit us at the FSSystems booth on any of the 3 days to get the results. Today, wrap up week oneof the tour. So far corn yields look promising and beans have good potentialbut white mould will knock off the top end of bean potential.

Followalong on Twitter using the hashtag #GLGTour2023