#SECOND HARVEST PLUS#

#SECOND HARVEST PLUS#

Brazilian corn exports are expected to reach 1.476 billion bushels this marketing year.Īnd in Argentina, the Rosario Grains Exchange expects the country’s 2022/23 corn production to reach 2.165 billion bushels, plus a total soybean production of 1.727 billion bushels and a total wheat production of around 650 million bushels. That includes a declining second corn crop, with a new estimated production of 3.441 billion bushels. “Remember though, on this report, the USDA gathers their yield information with farmer survey, satellite imagery and their own fancy statistical formulas no one is actually stepping into a field to measure anything.” Blohm peeled through 15 years of data to look at the differences in new crop ending stocks between the July and August WASDE reports in today’s Ag Marketing IQ blog – click here to learn more.īrazil’s Conab moderately lowered its estimates for the country’s 2021/22 corn production to 4.515 billion bushels. Whether you’re bullish or bearish on grain prices right now, USDA’s WASDE report tomorrow is “likely to be met with mixed emotion from all sides of the industry,” according to Naomi Blohm, senior market adviser with Stewart Peterson. Click here to catch up on what farmers have been saying and learn how you can participate. “Growers are fighting to maintain positivity after receiving some lucky breaks amid another turbulent growing season,” observes Farm Futures grain market analyst Jacqueline Holland after reviewing the latest comments collected from Feedback From The Field. Mexico, China, Japan, Canada and El Salvador were the top five destinations. Cumulative totals for the 2021/22 marketing year are still trending moderately below last year’s pace, with 2.249 billion bushels.Ĭorn export shipments fell 28% below the prior four-week average, with 27.8 million bushels. That was near the middle of trade estimates, which ranged between 3.9 million and 35.4 million bushels. September futures added 8.25 cents to $6.2950, with December futures up 9.5 cents to $6.28.Ĭorn basis bids were steady to soft after eroding 3 to 15 cents lower across seven Midwestern locations on Thursday.Ĭorn exports saw 15.1 million bushels in old and new crop sales for the week ending August 4. CornĬorn prices made moderate inroads again today on another round of technical buying as plenty of questions about this season’s true production potential are still lingering.

On Wednesday, commodity funds were net buyers of all major grain contracts, including corn (+3,500), soybeans (+500), soymeal (+500), soyoil (+2,000) and CBOT wheat (+7,500). Diesel rose more than 2%, while gasoline was trading at near-even. Energy futures trended higher, with crude oil climbing 2.5% this afternoon to $94 per barrel. On Wall St., the Dow moved 70 points higher in afternoon trading to 33,380 as investors continue to process some better-than-expected inflation data that came out earlier this week. The agency’s 8-to-14-day outlook predicts drier conditions will return to the Northern Plains and upper Midwest between August 18 and August 24, with seasonally cool weather likely for most of the Corn Belt. Wheat gains mostly ranged between 1.25% and 1.75%.īetween Friday and Monday, more rains will fall on the Northern Plains and upper Midwest, while areas farther south will stay relatively dry, per the latest 72-hour cumulative precipitation map from NOAA. Corn prices firmed 1.5%, and soybeans moved 1.25% higher. That led to a round of technical buying that lifted prices moderately higher today. But adverse weather earlier this year has generated a fair amount of uncertainty around the true size of this season’s corn and soybean crops. Tomorrow morning, USDA releases the agency’s next World Agricultural Supply and Demand Estimates (WASDE) report, and traders are anxious to see how bullish or bearish those numbers turn out to be.

Second harvest