Tuesday August 23, 2022

  • Declining crop ratings helping to fuel the upwards momentum started yesterday 
  • Rally sparked yesterday by the initial reports from the Pro Farmer Crop Tour coming in extremely low – granted, they did begin the tour in the worst part of the corn belt so the results should only improve as the crop continues East
    • South Dakota corn yields pegged at 118.5 bu/ac – compared to 161.6 bu/ac 3 year average 
    • South Dakota soybean pod count came in at 871 – compared to 1027, 3 year average 
    • Ohio corn yields pegged at 174.2 bu/ac – above the 3 year average of 169 bu/ac 
    • Ohio soybean pod count came in at 1,132, also above the 3 year average of 1,038 pods
  • Weekly U.S. crop conditions and progress
    • Corn fell 2% surprising the markets coming in at 55% g/e – trailing average ratings of 62% g/e
    • Soybean ratings also fell a point to 57% g/e – also continuing to trail average of 61% g/e