Monday August 24, 2020

• Green market this morning to start out our week as hot dry weather persisted over the weekend – heat set to continue this week until a cool wet pattern takes over into the 6-10 day 
• Pro Farmer final yield estimates came out as follows
  • Corn 177.5 bu/ac – USDA’s last estimate was 181.8 bu/ac 
  • Soybeans 52.5 bu/ac – USDA’s last estimate was 53.3 bu/ac 
• Post Pro Farmer crop tour the trade is recognizing that they are historically on the lower end for yield estimates – however it is believed that the high yield numbers of the year were set in the Aug USDA report and there is more room for yields to fall than gain
• Consultancy IKAR raised their estimates for 2020 Russian wheat production to 82.5 MMT – up half a million MT from last report 
• Chinese customs has reported corn Jan-July imports up 31% from last year at 4.57 MMT