August 23, 2016
Producer Marketing Manager
CORN: As of 7:40 – Down 3
The ProFarmer Tour got underway yesterday as one leg started in Sioux Falls and ventured to Grand Island, NE while the eastern leg worked its way through Ohio into Indiana. As expected, their yield estimate for SD was at 149.78 bu/A (down nearly 10% from last year’s tour) and OH was nearly the same as last year at 148.96 bu/A. Crop progress was released yesterday afternoon and showed a 1 point improvement in the G/E category on a nationwide basis. SD was up 1 as well.
SOYBEANS: As of 7:40 – Down 2
Pod counts on the ProFarmer Tour were also off slightly for SD at 970.61 pods in a 3’ x 3’ square. This is lower than last year’s 1054.98 pods and the three year average of 1043.15 pods. USDA Crop conditions report showed the nationwide rating unchanged. SD did improve a couple of points.
WHEAT: As of 7:40 – MPLS Steady, KC Down 4
Harvest progress is still ahead of average at 65% complete for the HRS crop. SD in nearly complete at 89%, while most of the other states are pushing the 2/3rd mark. The Sept MPLS contract pushed to within ¼ cent of the 61.8% retracement level……..something to keep an eye on as the Sept continues to invert vs the Dec contract.