Market recap (changes on week):
- September corn up $.39 at $6.72
- December corn up $.42 at $6.71
- November soybeans down $.24 at $14.11
- September soybean oil up 1.23 cents at 70 cents/lb
- September soybean meal up $6.30 at $466.80/short ton
- September wheat up $.37 at $8.07
- July wheat up $.37 at $8.53
Weekly Highlights:
- US weekly ethanol production was up ever so slightly on the week to roughly 290 million gallons on the week utilizing 97.76 million bushels of corn.
- Export sales reports are delayed for the time being as USDA’s new export sales platform is experiencing technical difficulties.
- Open interest futures and options contracts for Chicago corn, soybeans and wheat all increased on the week: 2.5% for corn and 4.4% for soybeans. Managed money traders built futures and options positions in all three crops- up 1,000 position in wheat, up 28,376 positions for corn and up 5,135 positions for beans.
- Last week’s pro farmer tour estimated the US corn crop to have an average yield of 168.1 bu. per acre well below USDA’s August 1 estimate of 175.4 bu./acre. The tour also estimated soybean yield at 51.7 bu. per acre nearly in line with the USDA estimate of 51.9 bu./acre.
- Just a few days left in the 2021/22 marketing year for corn, grain sorghum and beans. US export inspections for the week ending August 25 were down across the board for corn, soybeans, grain sorghum and wheat. Soybeans fell below all pre-report expectations.
- National corn conditions rating fell 1% on the good to excellent condition rating to 55% last week compared to a historical average of 61%. Eight percent of the crop was rated as mature.
- National soybean good to excellent ratings was steady on the week at 57% compared to the three-year average of 61%.
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