Pro Farmer Tour showed corn production issues

The Pro Farmer Crop Tour stunned the crowd with a 168.1 national yield estimate for corn which is the lowest number printed by a widely followed publication. The question before the tour was could the ECB carry the problematic WCB and the answer was a resounding no. Nebraska and South Dakota were worse than expected along with Ohio and Indiana being less good than predicted. This leaves us looking at a very tight situation depending on where the USDA goes from here. The soybean yield was estimated at 51.7 bushels per acre and they bumped acres a few 100k due to FSA PP acres report last week. This should weigh on the soybean market going forward as this is right in line with USDA’s number and it looks like the soybean crop will be bigger than expected. Overnight corn was up 10 cents and soybeans down 8 which was a little surprising corn was not a little higher but the contract did put on 41 cents last week. December corn in bumping up against the 100 day moving average at 6.77 and support lies around 6.50. November soybeans are also testing their 100 day moving average at 14.60 with support down at 14.25. NFC Grain Comments Options -8.29.22 (1)