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3 Big Things Today, August 23

Corn, Beans Lower Overnight Despite Tour Results; Soil Moisture Conditions Improve.

1. Corn, Beans Lower Despite Weak Crop Tour Findings

Corn and soybeans were lower despite smaller-than-expected crop tour estimates in Ohio and South Dakota, as analysts figure those are the worst number participants will see this week.

Ohio corn yields were pegged at 149 bushels an acre in Ohio, below the 153 bushels an acre harvested last year. In South Dakota, yields were seen at 149.8 bushels an acre, below the 159 bushels actually harvested.

Soybean yields also were lower, coming in at an average of 1,055 pods per 9 square feet in Ohio. In South Dakota, yields were 970.6 pods per 9 square feet.

Despite the lower numbers, the growers, analysts, and other crop-watchers on the tour are confident the two states are the worst they’ll see, as favorable weather made its way to much of the Midwest. The driest weather in the Corn Belt this year has been in Ohio, where most of the state has received less than half of normal precipitation in the past 90 days, according to the National Weather Service.

Corn futures for December delivery lost 4¼¢ to $3.38¼ a bushel on the Chicago Board of Trade.

Soybeans for November delivery declined 6¾¢ to $10.09 a bushel, soy meal futures for December delivery fell $2.30 to $328.50 a short ton, and soy oil lost 0.08¢ to 34.23¢ pound.

Wheat futures for December delivery fell 4¢ to $4.31¼ a bushel overnight in Chicago, while Kansas City futures dropped 3½¢ to $4.36½ a bushel.


2. Corn, Soil Moisture Conditions Improve Week Over Week

Corn conditions improved by a tick and soybeans were unchanged week over week, as rain in much of the Midwest kept ratings steady.

Corn was 75% good or excellent as of Sunday, up from 74% the prior week, and 72% of soybeans earned top ratings, unchanged from the prior week, the U.S. Department of Agriculture said in a report on Monday. As much as six times the normal amount of precipitation fell in much of the region in the past week, according to the National Weather Service.

Rain even fell in parts of northern Ohio, which was, by far and likely still is, the driest state in the Midwest, NWS data show.

The rain gave a big boost to subsoil moisture ratings that nationally jumped from 69% adequate or surplus to 73% adequate or surplus, according to the USDA. Topsoil moisture improved from 68% adequate or surplus to 73%.

It seems the big rains – while too much for some areas and caused flash floods to develop – were good for crops in much of the Midwest, as we head into the last several weeks of the growing season.

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3. Wet Weather Returns to Northern Midwest After One-Day Reprieve

Wet weather returns to much of the Midwest today, as locally heavy rains are forecast for much of the region, the National Weather Service said in a report on Tuesday.

After last week’s rains, some growers were hoping for a drying period, but it doesn’t look like that’s going to happen yet.

“Showers and thunderstorms are forecast to impact portions of the Plains and Upper Midwest,” the NWS said. “Some of the storms could be severe with damaging winds and large hail possible. Locally heavy rainfall could cause flooding of low-lying and poor-drainage areas.”

Temperatures in Ohio and in the Northeast are expected to be below normal today, the agency said.

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