Corn and soybean crop condition ratings as measured by the weighted Pro Farmer Crop Condition Index continue to fall. CCI ratings have declined for eight consecutive weeks for corn and five straight for soybeans. The decline in crop ratings has traders expecting USDA to cut its corn and soybean production estimates on Sept. 12. While much of the focus is on new-crop supplies, Brazil raised its soybean export forecast (it lowered corn exports) and Argentina is giving a foreign exchange boost to its farmers through September to encourage more shipments. Meanwhile, Russian President Vladimir Putin is questioning the Ukraine grain export deal. On the economic front, a potential world energy crisis is a threat to global growth, while central banks continue to aggressively raise interest rates to combat surging inflation. We cover all of these items and much more in this week’s newsletter, which you can download here.
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