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Daily US grain report: prices mixed but majority higher overnight

Corn was up around 1 cent, soybeans up about 5 cents and wheat around 3 cents down.

21 August 2019, at 4:50pm

The focus of the US grain markets this week is the annual Pro Farmer Midwest crop tour that began Monday afternoon ends late Thursday. Early results are showing corn and soybean crops that are not meeting USDA's latest yield predictions.

Bears have solid overall chart advantage amid price downtrend. No early clues a market bottom close at hand
Bears have solid overall chart advantage amid price downtrend. No early clues a market bottom close at hand

© Jim Wyckoff

The crop tour released results for the states of Nebraska and Indiana Wednesday night. For Nebraska, the tour found an average corn yield of 172.55 bushels (bu.) per acre, which compares to 179.17 bu. per acre last year and the three-year average of 167.73 bu. per acre. Soybean pod counts in a 3'x3' square for Nebraska came in at 1,210.83 pods, which compares to 1,299.08 pods last year and the three-year average of 1,191.37 pods. For Indiana, the tour found an average corn yield of 161.46 bu. per acre, which compares to 182.33 bu. per acre in 2018 and the three-year average of 175.66 bu. per acre.

Price downtrend still in place and bears have overall chart advantage
Price downtrend still in place and bears have overall chart advantage

© JIm Wyckoff

The average soybean pod count in 3'x3' was 923.94, which compares to 1,311.87 pods last year for Indiana and 1,219.69 pods for the three-year average. Today, scouts on the eastern leg of the tour travel from Illinois to eastern Iowa. Scouts on the western leg will travel from Nebraska to western Iowa.

Corn Belt weather this week is seeing ample rainfall and seasonal temperatures, which is bearish for the grain markets.