Your Pro Farmer newsletter (August 12, 2023) is now available

The first survey-based corn and soybean crop estimates were the focal point of USDA’s August crop reports. Traders now have baseline figures from which they can add or subtract bushels based on weather to finish the growing season. In addition, USDA updated its old- and new-crop balance sheets to reflect changes to supply and demand. Globally, concerns with supplies of milling-quality wheat are rising amid unfavorable late-season weather in key producing countries. Unless that translates into improved export demand for U.S. supplies, however, the market impact will be limited. Attacks on ports in the Black Sea region continued, prompting concerns with supplies from the region, though grain shipments continue from both Ukraine and Russia. China got more dour economic news, with its latest consumer and producer price data raising more concerns about deflation in the world’s second largest economy. We cover all of these items and much more in this week’s newsletter, which you can access here.