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Tidbits, Pro Farmer Final, Russian Wheat, Markets & Rain Days Update 8/26/23

Highlights


Pro Farmer Final for 2023:

These Pro Farmer estimates include factors like weather, maturity & areas outside the tour's coverage. Pro Farmer increased harvested corn acres by 675,000 based on the August FSA data, but they did not adjust bean acres.

Soybeans and especially corn are expected to open higher Sunday given Pro Farmer yields and the weather. This will most likely be the most bullish news the corn market will get until the September 12th USDA Crop Production and S&D, which might be bullish, but might be bearish. That report is a Tuesday, so we will get three more Crop Condition Reports before then, which might be bullish.

As of this morning, Roger thinks if you have September corn basis contracts you have to price next week, Sunday night to Monday morning is probably the high for next week and probably for the next two weeks. Realistically, the corn market has very little reason to receive any more bullish news until the USDA report on the 12th and the market will most likely be weak going into that report.

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