8/19/2019 8:05am
Much needed precip fell across the Midwest over the weekend overshadowing markets as of funds reported to longer corn than thought. Funds are estimated as of Friday’s close to be long 19,527 contracts of corn and short 72,203 contracts of soybeans.
Dow futures up a sharp 276 points this morning on the heels of Friday’s 307 gains. Market strength credited to lower Bond yields lessening the threat of recession. Dow futures at 26,182 this morning.
Barrage of private crop production guesses this week with most noise from “Pro” Farmer crop tour kicking off today.
This year’s tour will measure more potential, than actual yield. Even with the immature crops, the tour will use the same methodology it uses in every field, every year. With 1,400 samples of corn and 1,400 samples of soybeans by the end of this week, the tour will have a good idea of the crop’s potential, even though some of the tour leaders knows it won’t be easy.
DTN Progressive Farmer completed their "digital" crop tour. Using mostly satellite data, they pegged the national corn yield at 163.2 bushels/acre, and the national soybean yield at 44.2 bushels/acre. Those are both clearly well below the USDA update we received on Monday, so add DTN to the list of analysts that are going to be either really right, or really wrong.
USDA weekly crop progress report will be released today at 3 p.m. CST. Trade is looking for corn condition rating at 58% GTE (57% GTE last week, 69% 5-year average). Soybean condition rating at 55% GTE (54% GTE last week, 66% 5-year average).
