A lot of 100-degree heat during next week's Pro Farmer tour will have yield thoughts creating a concern on pod weights with soybeans pushing higher well above the $13 mark.
A lot of 100-degree heat during next week's Pro Farmer tour will have yield thoughts creating a concern on pod weights with soybeans pushing higher well above the $13 mark.
Positive crop ratings yesterday put grain under pressure today and they cannot overcome that theme. Outside markets also all sharply lower, leading to the selling interest. High temperatures are on the way after this weekend, grain trade for now seems unconcerned.
Large diversions in trade ideas day between wheat and soybeans.
Quick run down of todays WASDE crop report numbers and the afternoon markets
Grain trade had seen strong overnight gains on soybeans that were trimmed as dry weather is becoming concerned for the last half of August with rising temperatures.
Even though crop ratings came out higher-than-expected yesterday, overnight lows rechallenged Monday's action and found recoveries with corn challenging five dollars today and soybeans back over $13.
Soybeans down $0.30 the day and you've got wheat almost $0.30 higher.
In today's update, we discuss what XStone found for crop yields.
Overnight reports that Russia was bombing the ports on the Danube River again, destroying about 1.5 million bushels of grain, created a rally that was sold into. Wheat futures went from $0.30 higher overnight to $0.20 lower into our day session.
It's the first day of the month, and wheat continued its end of the month declines while soybeans found stability on crop ratings that will need marked improvement in the coming weeks to justify the substantial price decline.