August 16th, 2019 Commentary by Ashton

Happy Friday! Corn is higher overnight again, recovering from the sell-off earlier in the week. Soybeans were higher on the overnight session after a seven cent drop in yesterday’s market, bouncing from yesterday’s drop.

Rain is expected to be widespread across the Corn Belt over the next 5 days, but the extended forecasts call for the dry weather to return.

Pro Farmer Midwest Crop Tour will begin next week and undoubtedly, those on the tour will find a large amount of variability and crops that are well behind average development. CHS Hedging will have a person on each leg of the tour, west and east.

DTN Progressive Farmer has done a Digital Yield Tour across the Corn Belt using satellite imagery, rainfall data, temperature maps and other public data. They examined the eastern Corn Belt yesterday and estimated the Indiana and Illinois yields to be 28 bushels per acre less than the USDA estimate and Ohio was 24 bushels per acre lower than the USDA. A final tour yield is to be released later today.

Have a great and safe weekend!

Sept/Dec Spreads:  
Corn: 10 ¼ carry.   
Sept/Nov spread:
Soybeans: 12 ¾ carry.   

Afternoon Update:
Prices rose ahead of the weekend after a dismal week. Technical and fund buying aided prices after this week’s performance.

© 2019 CHS Inc.