Tuesday Aug 23, 2022 By: Eric Peterson
Corn traded much higher overnight after day one of the ProFarmer tour showed a much lower yield than expected. The tour found an average yield in South Dakota of 118.45bu per acre vs. the three year average of 161.59. Look for mostly higher trade today with support from a drop in the crop ratings and Pro Farmer results; however the weather looks supportive to finish out the crop.
Soybeans found support overnight from lower crop ratings as well as a stronger complex. November saw overnight highs get within three of its 100 day moving average, which we haven’t been able to hold since June. USDA crop ratings were at 57% good/excellent down 1% from last week. Look for mostly higher trade today.
Spring wheat closed ten cents higher this morning, five cents off the overnight high. The winter wheat crop is 95% harvested. Spring wheat was reported to be at 33% harvested behind the five year average of 54%. Futures will look for stronger markets to hold for the third day in a row as we seem to trade higher based on technical buying.
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