Chip Flory gives you comparisons to last year and the three-year average for western Iowa - including some perspectives on the "challenges" facing the west-central Iowa corn and bean crops.
Weekly export inspections for week ended Aug. 17 showed inspections within pre-report estimates for corn, soybeans and wheat. Corn and wheat inspections rose slightly on the week, while soybeans declined notably.
The extended weather forecast from the National Weather Service calls for “equal chances” for normal, above-normal and below-normal rainfall across the central U.S. during September.
Corn and soybeans traded lower overnight after USDA raised crop condition ratings more than anticipated Monday afternoon. Wheat faced followthrough selling amid a lack of supportive news.
Weekly wheat inspections dropped by over 100,000 MT from the previous week and were over 90,000 MT short of the pre-report range. Meanwhile, corn and soybean inspections rose slightly from the previous week.
USDA cut corn yield by 2.4 bu. to 175.1, while soybean yield was lowered by 1.1 bu. to 50.9 bu. per acre. Soybean ending stocks were pegged at 245 million bu., less than the avg pre-report estimate, while corn was above.
Corn, soybeans and wheat traded in relatively tight ranges during the overnight session as traders awaited USDA’s August crop reports later this morning.
