08/16/2024 Crop Tour Results in Full Swing with DTN Finishing Up Today and Pro Farmer Just Beginning Next Week

On the Grains
Corn and soybeans are weaker in overnight trade thus far, with wheat mixed.
Yesterday’s weekly export sales for old crop corn were disappointing but new crop sales beat the top end of estimates and YTD sales are up 38% vs. USDA’s forecast for 34% gain. In soybeans, old crop sales were mid-range but new crop sales beat the top end of expectations and YTD sales are down, but still short of the decline USDA is forecasting. Wheat sales were at the top end of expectations and YTD sales are up 32% vs. USDA forecasting only at 17% rise. Why USDA didn’t raise its wheat exports in Monday’s WASDE is baffling.