Soybeans up 15¢. Monday, August 28, 2023
December corn is currently up 5¢.
November soybeans are up 15¼¢.
CBOT wheat is down 7¼¢. KC wheat is down 13¼¢. Minneapolis wheat is down 7¼¢.
USDA announced the sale this morning of 123,000 metric tons of corn to Mexico and 296,000 metric tons of soybeans to unknown destinations. Both are to be delivered during the 2023/2024 marketing year.
The yield estimates to come out of the Pro Farmer crop tour last week were 172 bushels per acre for corn and 49.7 bushels per acre for soybeans. This is slightly below USDA’s August estimates of 175.1 for corn and 50.9 for soybeans.
“The market saw those as reasonable estimates that may still slip lower in the current weather pattern,” says Arlan Suderman, chief commodities economist for StoneX.
Today the USDA Crop Progress report is expected at 3 p.m. CDT. Al Kluis, managing director for Kluis Commodity Advisors, says he expects to see at 2% to 4% decline in corn and soybean crop condition.
“I will be watching the extended weather forecasts, which show normal seasonal temps this week with very limited rain,” he says. “The 11-to-15 day forecast brings back heat into early September. If that happens, then it will keep pressure on crop ratings and take soybean yield projections lower again.”
Crude oil is up 54¢.
S&P 500 futures are up 32 points. Dow futures are up 270 points.
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