Weekly Crop Commentary - 9/2/2022
Sep 02, 2022
Director of Grain Purchasing
Grain Merchandiser - Kenton (Region 1)
The market is taking reversal action today after a few days of trending lower. Global recession fears continue to creep in, and global commodity demand becomes a worry. If recession sets in, look for demand to drive the market. Without demand, commodity prices could erode into a lower seasonal harvest pressure type of environment.
StoneX came out with their production estimates, and they were much better on corn than Pro Farmer (173.2 vs 168.1). Beans were initially the same (51.8 vs. 51.7). The USDA will be out with their estimates on the September 12. The markets will be closed Monday and will reopen Monday night at 8pm EDT. Enjoy your weekend.
Grain Merchandiser - Upper Sandusky (Region 2)
Can’t believe it’s September already! Where has the year gone? I’m sure we’ll start to see a few loads of early beans coming in within the next 2-3 weeks, as they are starting to turn. The Upper Sandusky bin project is continuing to make progress with the concrete foundation having been poured over the last 2 weeks and getting ready to start putting up structural components.
Markets are making a slight recovery today after a week of profit-taking due to month end and harvest seasonality starting to settle in. StoneX came out with their September crop survey results yesterday and we saw a 2.8 bpa drop in corn yield from August 176 to 173.2 bpa. Increases in corn yield were seen in IL, MI, MN, ND, and OH, but most states saw significant decreases. Beans however, saw a slight increase from 51.3 to 51.8 bpa. Bean yields improved in all surveyed states except KS, NE, and SD which have continued to be 3 of the most struggling states in the western US. It will be interesting to see how USDA responds to yield estimates on the September 12th WASDE. Reminder that markets will be closed on Monday for Labor Day. Lots to look forward to on this holiday weekend. Please be safe out there! Good luck to Hancock County Fair Exhibitors this week, Hardin County next week, and Wyandot County the following week! Don’t forget that Ohio State football is back tomorrow night against Notre Dame. Go Buckeyes!
Read More News
Oct 06, 2023
Good afternoon. Everyone seemed to get a good run of beans this week and yields have been somewhat better than anticipated. That is a welcomed sight as the flat price continues to work lower as harvest pressure continues to weigh on the market...
Sep 29, 2023
Harvest is slow to get going around here. Soybeans are not ripening very fast, and the corn isn’t drying down. It appears that the users of corn had enticed enough farmers to start harvesting corn as the basis for cash deliveries have backed off substantially this week...
Sep 15, 2023
Hard to believe we are at the halfway point of September. Sure doesn’t look like it when driving around. Crops are still green, and very little are starting to turn.