Corn and soybean futures were supported overnight by crop concerns amid expectations for a poor finish to the growing season, while wheat futures slumped.
Pro Farmer estimates the U.S. corn crop at 14.960 billion bu. with an average yield of 172.0 bu. per acre. We estimate the U.S. soybean crop at 4.110 billion bu. with an average yield of 49.7 bu. per acre.
Soybeans continue to show relative strength with steady gains overnight, and corn futures saw strength into the break as well. Wheat futures traded higher overnight but still maintain a tight trading range.
Corn futures saw some slight pressure overnight while soybeans continue to show relative strength. Wheat futures showed moderate strength as well, led by the HRW and HRS contracts.
USDA reported net soybean sales of 364,900 MT for 2022-23, which topped the pre-report range by over 160,000 MT, while new-crop sales were just shy of the top-end pre-report range.
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.
After the Bell | August 23, 2023
Grain and soy complexes ended on a high note amid weakness in the U.S. dollar and escalating tensions between Russia and Ukraine.
Corn and wheat saw relatively quiet action overnight with corn going into the break at session highs. Soybean futures saw relative weakness, though saw some strength into the break.