8/22/2023

Corn and soybeans continued to fall further from Sunday night's highs in today's session.  This morning, the USDA announced the sale of 224,000 tonnes of corn for delivery to Mexico, split evenly between the 2024/25 and 2025/26 marketing years.  A bit of a signal of poor demand for U.S. corn considering we still have the 2023/24 crop in the field but it is nice to have a sizable sale on the books.  ProFarmer tour is going on this week and found above average crops in South Dakota and Ohio.  We will break down the full numbers at the end of the week when the tour is completed.  Historically, the crop tours do not come close to the final yields from the USDA but we are beginning to collect enough information to calculate an expected difference between ProFarmer and USDA over the years.  With a lack of anything else happening to move the market, outlooks are steady/lower as we migrate towards harvest.