Evening Report | August 23, 2023
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Preliminary Route Report with Brian Grete, eastern Tour leader
What counties (with state and district) have you sampled from?
Illinois: Woodford, Marshall, Putnam, Bureau, Lee, Whiteside
Districts 1, 4
Corn yield range:
- 148.9 to 238.3 bpa
Corn yield average:
- 201.4 bpa
Soybean pod count range in 3’x3’ square:
- 734 to 1637
Soybean pod count average in 3’x3’ square:
- 1234.4
Please share a few (one to three) comments from your route:
As we drove north and westward, moisture levels compared to more central areas of the state were quite noticeable. Foliar issues were more prevalent in the more northern samples, with plants starting to breakdown from disease pressure. Though field centers were better than end rows and edges of fields. There was plenty of variability within fields, but yields were solid despite the stress the crop’s been through.
Soybean pod counts were strong and consistent, aside from one sample. Disease, weed and insect pressure was minimal.
Preliminary Route Report with Mark Bernard, eastern Tour consultant
What counties (with state and district) have you sampled from?
Illinois: Christian, Sangamon, Morgan, Macoupin, Greene, Cass
District 6
Corn yield range:
- 144 to 223 bpa
Corn yield average:
- 189.68 bpa
Soybean pod count range in 3’x3’ square:
- 120 to 1662.7
Soybean pod count average in 3’x3’ square:
- 1047.58
Please share a few comments from your route:
Crops were much more mature than we’ve seen in the previous two days. Our samples were at 1/2 milk line to milk layer. This area is motoring right along towards harvest—and should be, we’ve noticed some major stalk quality issues—The crop’s been pushed hard and is starting to cannibalize itself. A windstorm at this point would not bode well for Central Illinois. We did see some tar spot, though it seemingly had little impact on the ear. Doubt that it will have much of an effect as far advanced as the crop is.
Soybeans, for the most part, were pretty good compared to the route yesterday. Pods are filled out compared to the flatter pods we’d seen the previous two days. The bean crop is certainly heading down the home stretch as well. Moisture was variable, but there was adequate moisture in most fields. Did see a little SDS, though nothing widespread…weed and insect pressure was light.
Preliminary Route Report with Chip Flory, western Tour leader
What counties (with state and district) have you sampled from?
Iowa: Ida, Woodbury, Cherokee, Buena Vista
Districts 1, 4
Corn yield range:
- 45.13 to 194.5 bpa
Corn yield average:
- 128.55 bpa
Soybean pod count range in 3’x3’ square:
- 785.2 to 2,499.3
Soybean pod count average in 3’x3’ square:
- 1467.6
Please share a few comments from your route:
We’ve seen the effects of June in shorter ears and grain length. The worst field we sampled was hail damaged. Ear counts aren’t off all that much but did see some severe tipback. Not what I was expecting to see. Lots of plants fired from the ground to the ear due to prolonged moisture stress.
Soybeans still have a chance, but I’m seeing white mold in almost every field that I’ve been in and can pick out the pockets just driving by. It seems early July rains likely triggered the mold growth. Combined with moisture stress, the mold is killing the plant and causing widespread color variability within fields. Pod counts are good, but the crop will look entirely different next week.
Preliminary Route Report with Brent Judisch, western Tour consultant
What counties (with state and district) have you sampled from?
Iowa—Harrison, Monona, Woodbury, Plymouth
Corn yield range:
- 129 to 229 bpa
Corn yield average:
- 180.4 bpa
Soybean pod count range in 3’x3’ square:
- 457 to 1743
Soybean pod count average in 3’x3’ square:
- 903
Please share a few comments from your route:
We saw a notable reduction in ear counts and length, which kept much of the crop from reaching 200 bu.—with June weather the likely culprit. While rains in the last two weeks have greened things up, the damage was already done a month to six weeks ago. Samples were Dented; 1/4 milk line to milk layer. Almost every corn field looks better from the road than the middle of the field, where the samples were taken.
Beans aren’t showing any stress by looking at them, but at the same time, we didn’t see the pods per plant that we’d hoped for. Weed and insect pressure is minimal. We did see some shorter maturity beans where the whole field is turning. I would consider the western Iowa soybean crop mildly disappointing.
Argentina’s farmlands planted with corn… should reach an estimated 7.3 million hectares for the 2023-24 season, the Buenos Aires grains exchanged stated earlier today.
U.S. crude inventories fell last week…as refinery processing surged and crude output reached their highest level since the coronavirus pandemic decimated fuel consumption, according to Energy Information Administration (EIA) data, reported earlier today. Crude inventories fell by 6.1 million barrels in the week ended Aug. 18 to 435.5 million barrels, compared to analysts’ expectations for a 2.8 million-barrel drop in a Reuters poll. Refinery crude runs rose 30,000 barrels per day (bpd) last week to 16.78 million bpd, the highest since January 2020, even as refinery utilization rates ticked down 0.2 percentage points to 94.5% total capacity. Crude oil exports fell by 340,000 bpd last week but remained seasonally strong at 4.3 million bpd. Net U.S. crude imports rose by 116,000 bpd, according to EIA data.
Saudi Arabia will likely roll over a voluntary cut…of 1 million barrels per day for a third consecutive month into October amid uncertainty about supplies and as the kingdom targets drawing down global inventories. China has also been drawing on record inventories amassed earlier this year as higher oil prices drove refiners in the world’s biggest importer to scale back purchases, according to analysts.
The European Union will open its third round of joint gas buying next month as the bloc moves to secure supplies in preparation for another winter with scarce Russian gas. The EU collectively began buying gas this year as a part of its response to Russia curbing gas deliveries in 2022 following its invasion to Ukraine. European gas buyers can place their requests to buy volumes from Sept. 21 for deliveries from November 2023 to March 2025. The scheme gathers demand from companies, then seeks offers from global gas suppliers and matches buyers and sellers and does not purchase Russian gas. Brussels conceived the program to help fill storage caverns ahead of winter and combine EU countries’ market clout, rather than have them competing against one another in global markets, which could drive up gas prices.
Wagner mercenary chief Yevgeny Prigozhin…was listed as a passenger on a private jet which crashed on Wednesday evening north of Moscow with no survivors, according to Russian authorities. While Reuters could not confirm that he was on the aircraft, a Telegram channel linked to Wagner pronounced him dead.
If confirmed, his death would leave the Wagner Group, which incurred Russian President, Vladimir Putin’s wrath in June by staging an abortive armed mutiny against the army’s top brass, leaderless and raises questions about its future operations in Africa and elsewhere. His death would also rid Putin of someone who had mounted the most serious challenge to the Russian leader’s authority since he came to power in 1999.
Insurance companies have notified charterers…of ships operating in Russia’s Black Sea ports of an increase in additional payments known as “war risk premiums,” according to traders. The premium was added to the common insurance costs for tankers last year after the start of Russia’s military action in Ukraine, which Moscow calls a special military operation. The increase means every voyage will cost $200,000 per one Suezmax tanker (can carry 120,000 to 200,000 tonnes) more if Russian oil is delivered to India. The increased premiums mean the overall cost of the premium will be nearly $1 million.
India is expected to ban mills from exporting sugar… in the next season, beginning October, halting shipments for the first time in seven years, as a lack of rain has curbed production. India’s absence from the world market would be likely to increase benchmark prices that are already trading around multi-year highs, triggering fears of further inflation on global food markets.
Traffic through the Suez Canal has resumed…normally, the canal authority said earlier today, hours after a collision of two vessels temporarily caused delays. “Slight contact” was made after a liquefied natural gas carrier made a sudden stop due to a technical failure that coincided with a strong current that drove an oil tanker towards it, according to authority chairman, Osama Rabie. The low-speed collision did not affect the vessel’s operational capabilities and remains “structurally sound.”
