Corn Lower, Soybeans Higher in Overnight Trading (daylight of 24/8)
Corn was lower, soybeans were higher and wheat was little changed in overnight trading. Corn futures for December delivery fell 2 3/4¢ to $4.87 ¾ a bushel overnight on the Chicago Board of Trade. Wheat futures for September delivery were down 1/4¢ to $6.39 ½ a bushel while Kansas City futures lost 1¢ to $7.62 ¾ a bushel. Soybeans for November delivery gained 5 1/4¢ to $13.65 ¾ a bushel. Soymeal added $5.40 to $406.40 a short ton, while soy oil declined 0.64¢ to 62.33¢ a pound.
(Link: agriculture.com)
US Midwest corn and soybean crops at critical juncture
The second day of the Pro Farmer tour results for Indiana soybeans estimated 1,310 pods within a 3-foot square, up 12.35% from last year’s tour result and 6.59% higher than the three-year average. Scouts estimated the state’s corn yield at 180.89 bushels per acre, up 1.71% from 2022 but down 1.54% from the three-year average.
Soybeans in Nebraska had 1,160 pods within a 3-foot square, up 9.05% from last year’s tour estimate but down 3.01% from the average. Scouts estimated corn yield in the state at 167.22 bushels per acre, up 5.48% from a year ago but down 2.78% from the tour’s three-year average for the state.
Variability was the oft-used word to describe the samples collected from both states. In the Nebraska fields, scouts noticed healthy fields boasting a 200-plus-bushel-per-acre corn yield and lush soybean plants while other areas just a few miles down the road had corn fields filled with a silage aroma and dried shanks with hanging ears and soybean plots showing evidence of white mold and sudden death.
(Link: WorldGrain.Com)
