CRB Index The CRB index rallied despite the acute weakness in the CBOT due the loadout damage from hurricane Ida. Notice that the CRB uptrend is intact, and the weakness of the US dollar could help fuel a further rally into Q4. The US employment report showed that labor growth is slowing. This is related…
Summary: Ukraine corn yields are starting off at the second highest level ever. The first harvest report of the year has pegged yields at 5.99 MT/HA (66 BU/AC). That’s up 44% from a year ago. In the August WASDE, USDA raised their projection for this year’s Ukrainian corn yield by 5.6% to 7.2 MT/HA (114.7 BU/AC). …
CBT values are mixed at midday with corn mixed, while soybean/wheat futures are slightly higher. The volume of trade is thinning out as traders head out for a long weekend. ARC looks for short covering rally into the weekend as hope continues to build that the Gulf mess produced by Ida will slowly be resolved…
StoneX’s estimate of the “final” 2021 corn estimate is 14,998 MBU (based on a yield projection of 177.5 BU). Last month, StoneX’s corn estimate was 195 MBU (1.9%) above the USDA’s August Crop Report. USDA’s August estimate was 14,750 MBU (based on a yield of 174.6 BU). ARC is projecting a “final” corn crop of 14,620 MBU (based…
Highlight: Very warm pattern and quite dry especially in the extended-range. Charts of the day: The South-central U.S. September heat dome. Discussion: A late summer heat wave is setting-up across the South-central U.S. lasting much of the next 2 weeks according to GFS OP. As an example, Oklahoma City maximum temperatures are near or above…
