Highlights
Pro Farmer Tour news was somewhat better corn on Tuesday than Monday, but not nearly average yields except one location. Soybean pod counts were actually less than we expected given the August rains in much of the Corn Belt. Reuter’s Karen Braun reported: Pod counts are way down from this same route last year through 5 stops (Hamilton, N Polk & York Counties, Nebraska). Averaging 1167 pods in a 3x3' plot vs 1795 last year.
The USDA announced yesterday morning that 110,000 mt of new crop soybeans were sold to China. Rumors are China is buying new crop US beans as far out as March. September soymeal made a new contract high yesterday of $472.20. China’s September soybean futures were 58 cents per bu higher Tuesday.