Market recap (Changes on week): 

• September corn up $.01 at $6.08 
• December corn down $.02 at $6.07 
• September soybeans up $.32 at $14.64 
• November soybeans down $.06 at $14.00 
• September soybean oil down 1.25 cents at 65.35 cents/lb 
• September soybean meal up $6.70 at $436.40/ short ton 
• September Chicago wheat down $.21 at $7.79 
• July Chicago wheat down $.12 at $8.30  

Weekly Highlights 

• US weekly ethanol production increased 22,000 barrels per day last for the last week of July. This brings estimated marketing year use of corn up to 6.9% over the same period last year.  
• Export sales were again soft with minimal corn exports and the fifth week in the last six weeks of net cancelations of old crop soybeans. New crop soybean sales were promising.  
• Open interest for Chicago corn, soybeans and wheat futures and options contracts increased across the board last week. Managed money traders also added net long contracts across the three commodities leading to a shrinkage of the net short in Chicago wheat, and expansion of net longs for Chicago corn and soybeans. 
• Last week US House Speaker Nancy Pelosi visited the island nation of Taiwan- the first high ranking US official in 25 years. This led to economic sanctions by China on Taiwan and a severance of communication lines between the US and China. However, Chinese buyers continue to buy US ag products with a sale of 133,000 metric tons of corn in the new crop marketing year announced this morning.  
• Elsewhere globally- the first load of Ukrainian corn to leave the Black Sea Region was rejected by its Lebanese buyer yesterday. The official reason was breach of delivery for being 5 months late- but speculation about the quality of grain is circling.  
• Private estimates for US corn and soybean yields and production were released last week. IHS Markit (Formerly Informa) pegged the US corn crop at 176.9 bushels while StoneX pegged the US corn crop at 176- both down from USDA’s July calculated estimate of 177. Soybean estimates for IHS Markit were 51.8 bushels compared to StoneX’s 51.3 bushels/ acre and USDA’s July estimate of 51.5. USDA will come out with their first survey and satellite estimate this Friday August 12th.  
• US weekly agricultural export inspections were down week over week for corn (below all trade estimates) and grain sorghum, but up for soybeans (above all trade estimates) and wheat (also above all trade estimates and highest in 10 months). 
• National corn conditions rating fell 3% this week to 58% good to excellent compared to the average of 64%. The western corn belt states of Kansas, Nebraska, South Dakota and Southern Iowa more than offset increases in the eastern corn belt.  
• The national soybean conditions rating fell 1% to 59% good to excellent compared to a historical average of 62%.  
• Spring wheat conditions fell 6% to 64% good to excellent- but up 13% compared to the historical average of 51% this time of year.  
• The US Senate passed the $740 billion dollar Inflation Reduction Act on Sunday that among other things includes biofuel tax provisions aimed at increasing usage of lower carbon biofuels for the trucking and airline industry, mitigation measures for drought impacts on western water supplies and a range of conservation programs for agriculture. The bill now heads to the House- where it is expected to pass.   

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There are many situations on the farm that may involve legal matters. In this episode, Amie Merz – an EAP Consultant with Personal Assistance Services and Farm Family Wellness Account Manager, talks about the importance of utilizing legal services to help improve mental health and wellbeing.

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The upcoming Shift S3ctor Airstrip Attack is an opportunity to highlight the performance of ethanol.

In this episode, Helena Jette, Director of Biofuels for the Indiana Corn Marketing Council talks about how different blends of ethanol can be used for ethanol and on your daily commute.

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Overall, the state’s soybean crop looks above average – and the recent rains were welcomed. 

In this Pods for Profit, Trevor Krause with BASF says some crop health issues are starting to surface – and growers should take note.

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Listen as Compeer Financial Senior Leasing Specialist Anjie Erbsen discusses the leasing market. She says as clients are looking towards 2023 they are looking to manage the anticipated tax liability from the 2022 cropping year as well as cash flow and leasing offers farmers the option to do that.

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- September corn $6.0225 up $0.1075

- August soybeans $16.15 up $0.57

- August soybean meal $513.70 up $32.00

- August soybean oil 66.04 up 96 points

- September Chicago wheat $7.825 up $0.1875

- August live cattle $137.70 down $0.20

- August lean hogs $120.65 down $0.35

Find more agriculture news at: brownfieldagnews.com

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Collecting field-level crop data that can be immediately used by farmers and farm advisors is no small task. 

In this episode, AGI’s Brian Davidson talks about how Farmobile's next-gen PUC5 simplifies data collection to give farmers real-time, remote visibility into field and machine operations.

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In this week’s Heroes That Help, Beckie Gierer, Director of Disaster Services at the Missouri Department of Mental Health, talks about local behavioral health agencies and the work they provide to Missouri communities during a disaster.

To learn more, and to find the support you need, click here.

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- September corn $5.9125 up $0.0025

- August soybeans $15.58 down $0.1125

- August soybean meal $481.70 down $7.50

- August soybean oil 65.08 down 12 points

- September Chicago wheat $7.6375 down $0.11

- August live cattle $137.90 up $1.32

- August lean hogs $121.00 up $1.15

Find more agriculture news at: brownfieldagnews.com

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.