Did Corn and Soybeans RALLY on Crop Tour News??

Grain Markets and Other Stuff

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Here's the latest update from the Pro Farmer Crop Tour and more:
🌽 Pro Farmer Crop Tour Findings:
Southeast South Dakota: Corn yield projected at 156.5 bpa, slightly down from last year's 157.4 bpa. Soybean pod counts up 1% from last year. USDA’s projections are more optimistic with a 10 bpa increase in corn and a 3 bpa (7%) rise in soybeans.
Western Ohio: Corn yield at 183.3 bpa, close to last year's 183.9 bpa. Soybean pod counts are down 2% from last year, while USDA projects a 1 bpa (1.7%) increase in soybean yield. Mixed sentiment here—some traders find it friendly for prices, others less clear.
🌾 Corn and Soybean Conditions:
Corn: Rated 67% good to excellent, steady with the previous week and the best rating since 2020. 5% of the crop is mature, ahead of the average.
Soybeans: Rated 68% good to excellent, also the best rating since 2020. 81% of the crop is setting pods, slightly ahead of the average.
🌾 Spring Wheat Harvest: 31% harvested, lagging behind the 36% average. Winter wheat harvest is nearly complete at 96%.
🚂 Canada Rail System Threat: Potential rail strikes by Canadian National Railway and Canadian Pacific Kansas City could halt all freight services on Thursday, impacting grain shipments significantly. A stoppage could result in daily losses of $733 million during harvest season.
📦 US Corn and Soybean Shipments:
Corn: 1.2 mmt (46 million bushels) inspected for export, up 18% from the previous week and 128% from last year.
Soybeans: 398,233 mt (15 million bushels) inspected, up 14% from the prior week and 24% from last year. Flash sales included 332,000 mt (12 million bushels) to China and 110,000 mt (4 million bushels) to unknown destinations.
🌾 USDA Flash Sales:
Soybeans: Multiple flash sales reported, with significant amounts sold to China and unknown destinations for the 2024/2025 marketing year.
Stay tuned for more updates as the Pro Farmer tour continues and the Canadian rail situation develops! 🚜📉

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