The last day for the Pro Farmer Tour is today.
Grain futures for the first time this week are not sharply higher in the morning but are mixed with wheat and soybeans lower while corn maintains overnight strength. The Pro Farmer crop tour ends today, with corn and soybean yield estimates due out sometime on Friday. Also, on the mind of traders today is that the Federal Reserve is meeting for their Jackson Hole Summit. The macro policy speech by Fed Chairman Powell will be closely listened to on Friday. This will have a dramatic effect on the US dollar and the future of interest rates.
On Wednesday, the Pro Farmer tour pegged the IL corn crop at 190.7 BPA, above the three-year average of 185.6 BPA but below last year’s 196.3 BPA. Soybean pod counts were 1,174 pods in a 3’ x 3’ square, slightly lower than last year but 6.4% above the three-year average. With good finishing weather, Illinois has a chance to produce a record soybean yield. Western Iowa yesterday was slightly below the three-year average, but it’s expected that results from an and E Iowa will boost the average today.
News this morning is that GASC (Eygpt) did not make a direct purchase of 240,000 MTs of wheat from Russia, which was reported yesterday. This often the wheat trade from overnight strength. Russian wheat fob price offers are being depressed did the sheer size of their 2022 harvest. India has been the export of wheat flour after it ended the commercial export of wheat back in mid-May. Record domestic Indian wheat prices are pushing legislators to limit exports of wheat/flour overseas. India is still fulfilling country-to-country wheat sales that were completed before mid-May.
The US forecast has a jet stream located across the southern third of the US, which has Midwest high temperatures to be maintained in the 70s, 80s, and low 90s. There is a chance of rain across some portion of the Central US each day into September. However, amounts are not considered significant. Showers are occurring now in Eastern Iowa/northern Illinois have light rain, with Northern Illinois totals looking to be anywhere from 2-1.25.”
Cattle futures pushed lower yesterday while the weakness later during the day in the grain session supported feeder cattle to a firm close. Cash cattle trade had Nebraska quoted at $145, which was $3 lower from last week, with dressed trade down $1-2 at $232-233. Live sales in Iowa/Minnesota region were down $1 from earlier in the week and down $2 from last week at $147. October live cattle have major support in the $141-142 range while the cash trade consolidates its gains.