It appears the market is just waiting for the updated USDA corn yield estimate on 8/10/17. Once published, the market will debate why it’s incorrect. Generally the market is trading corn based upon a national yield assumption of around 165-166. With a surprise below 165, $4 corn is a possibility again. An estimate above 166, and $4 is unlikely until a future report shows significant decreased yield.
In the past two weeks I have travelled 1,500 miles around the Corn Belt.
Crop conditions — Southeast Nebraska to Minneapolis
Following highlights some observations during my drive from Beatrice, Neb. to Minneapolis, Minn.
Beatrice — Our farm’s dryland fields missed some needed rain the past few weeks. While fields with less drought-tolerant seed indicate some significant yield drag, fields with drought-tolerant seed are showing average yields. Irrigated fields are still producing well.
Council Bluffs, Iowa — The crops looked good. There were very few signs of any significant stress.… Continue reading