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Daily US grain report: markets mixed heading into the weekend

US grain futures prices were narrowly mixed in overnight trading. Corn was down around 2 cents, soybeans up about 2 cents and wheat steady to 1 cent up.

23 August 2019, at 4:28pm

The focus of the US grain markets this week is the annual Pro Farmer Midwest crop tour that ended Thursday. The Pro Farmer Midwest Crop Tour released results from the states of Iowa and Minnesota last night. In Iowa, the tour found an average corn yield of 182.83 bu. per acre, which compares to 188.20 bu. per acre last year and a three-year average of 185.39 bu. per acre.

Bears have solid overall chart advantage amid price downtrend. This is the time of year when "harvest lows" can come early
Bears have solid overall chart advantage amid price downtrend. This is the time of year when "harvest lows" can come early

© Jim Wyckoff

In Iowa, the tour found an average corn yield of 182.83 bu. per acre, which compares to 188.20 bu. per acre last year and a three-year average of 185.39 bu. per acre. Soybean pod counts in a 3-feet by 3-feet square came in at 1,106.91, which compares to 1,208.99 pods last year and the three-year average of 1175.40 pods. In Minnesota, scouts measured an average yield potential of 170.37 bu. per acre, which compares to 178.67 bu. per acre last year and a three-year average of 184.18 bu. per acre. Soybean pod counts in a 3ft x 3ft square came in at 965.31, which compares to 1,090.47 for the state last year and 1,072.68 pods for the three-year average.

Price downtrend still in place and bears have overall chart advantage
Price downtrend still in place and bears have overall chart advantage

© Jim Wyckoff

At 13:30 central time today (23 August) the release Pro Farmer's final corn and soybean crop and yield estimates will be released. Generally, the results from this year's crop tour came in a little better than traders expected. While Corn Belt weather conditions are not threatening to the corn and soybean crops at present, extended forecasts are calling for a cooler September. The late-planted corn and soybean crops need a warm September to get to full maturity. The grain market bulls' last hope for a weather rally would be an early frost in September.