Friday August 21, 2020

• Corn recovering slightly this morning as the Pro Farmer Crop Tour moves into the worst affected areas of Iowa 
• The full extent of the damage wont be known until the combines are rolling however – leaving us with over a month of guessing in the market 
• Forecasts remain hot and dry in the U.S. for another week or so with some rains coming in at the end of the month 
• Day Four of Pro Farmer Crop Tour was in Iowa and Minnesota
  • Corn yield estimated averaged at 177.8 bu/ac – 5.8 bu/ac off the average and the lowest yield since 2013 for Iowa, Minnesota conversely was estimated at the highest record yields at 195.1 bu/ac – almost 15 bu/ac higher than average estimated 
  • Soybeans pod counts for both states came in higher than average 
  • Pro farmer will release their official yield estimates after the close today 
• Pressure in the bean market yesterday – now a day without an export sale announcement to China is a down day – this is a concerning dependence on Chinese demand, especially as tensions remain and we come into an election fall where political tensions will be high and in the forefront