TFM Midday Update 08-22-2023

CORN

Private exporters reported sales of 112,000 mt of corn for delivery to Mexico during the 24/25 marketing year, and 112,000 mt during 25/26.
The US Commerce Secretary, Gina Raimondo, will be heading to China to meet with officials and business leaders in an effort to stabilize relations between the two countries.
On yesterday’s Crop Progress report, corn condition declined 1% to 58% good to excellent.
Day one of the Pro Farmer crop tour found a corn yield in South Dakota of 157 bpa (vs 118.5 last year and 150 average).
September corn on China’s Dalian Exchange is trading around the equivalent of $9.69 per bushel.

The weather pattern looks to remain hot and dry this week. Some models do have rain across areas of Missouri and Nebraska late in the week, but at this time, there are no widespread systems forecasted through the end of the month.
Day one of the Pro Farmer crop tour found soybean pod counts in South Dakota at 1013 (vs 871 last year and an average of 1040).
On yesterday’s Crop Progress report, soybean condition was unchanged at 59% good to excellent.
September soybeans on China’s Dalian Exchange closed at a new 2023 high, the equivalent of $19.82 per bushel.

SovEcon raised their 2023 Russian wheat harvest projection from 87.1 mmt to 92.1 mmt.
Media outlets have reported plans are being developed to use public funds to insure vessels out of Ukraine and through the Black Sea (along the coasts of Romania and Bulgaria). While this has inherent risk, Ukraine’s “humanitarian corridor” may be used to transport more grain out of the country, and this is weighing on futures.
On yesterday’s Crop Progress report, spring wheat condition declined 4% to 38% good to excellent. Additionally, harvest is now 39% complete.
Taiwan flour millers are tendering for 104,000 mt of US milling wheat this week.

Brandon Doherty