Tidbits, Crop Tour, Crush Report, Crude Oil, FOB 8/18/25
- Wright team
- Aug 18, 2025
- 5 min read
Tidbits
The 33rd Annual Pro Farmer Crop Tour begins today and will end on Thursday. It will provide some definitive information about pollination and ear fill. The same routes are covered every year, which means the value of this tour is determined by yield comparison with previous years, not the USDA August numbers.
Call options: We discussed yesterday the pros and cons of buying March 2026 corn $4.20 strike price call for 20½¢. The March $5.00 call has a premium (value, cost) of 3¢. That means March corn must be above $5.03 on expiration day (20 February 2026) to make a profit. It also means the worst thing that can happen to the buyer is a loss of 3¢ plus service fee. A March $4.70 strike price call has a premium of 6¢.
Crush: On Friday, the National Oilseed Processors Association (NOPA) issued their crush report for July. The members crushed 195.699 million bushels of soybeans in July, which was the highest ever crush for any July and the largest crush in six months. The market expected 186.3 to 195.8 million bushels. Despite the record large crush, the soybean oil inventory was down slightly to 1.379 billion pounds.
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