Day 1 observations and comments from Mark Bernard, consultant on the eastern leg of the Pro Farmer Crop Tour.
Day 1 observations and comments from Brian Grete, director of the eastern leg of the Pro Farmer Crop Tour.
Given that all three categories were on the bearish side of the average pre-report estimates, cattle futures will likely face pressure on Monday.
Wheat futures were supported by mild corrective buying overnight, while corn and soybeans pulled back from yesterday’s gains.
The NWS 30-day forecast calls for below-normal precip across the northern and western Corn Belt during September. There are also higher odds of above-normal temps over much of the western Corn Belt next month.
As of Aug. 16, 67% of the U.S. was experiencing abnormal dryness/drought, according to the U.S. Drought Monitor, up one point from the previous week. Rainfall across the Midwest was ‘hit-and-miss.’
Active followthrough selling weighed on wheat overnight, while corn and soybeans faded amid spillover pressure and favorable weather forecasts.
Corn and soybean basis continues to slip ahead of harvest, but remains well above average.
Corn, soybeans and wheat posted two-sided trade overnight but are mildly firmer this morning amid light corrective buying.
Corn, soybean and wheat futures extended yesterday’s losses overnight but all three markets held above Monday’s lows.

Brian Grete