Corn was sharply lower today with all contracts through CN21 scoring life-of-contract lows. CU settled 9 ¼ cents lower; CZ dropped 8 ¼ cents. Aggressive selling by commodity funds, precipitated by yesterday’s lofty crop ratings and record yield estimates by private analysts, pushed prices to new lows. Funds sold an estimated 35,000 corn contracts today. Yesterday afternoon’s crop conditions report showed 72% of the U.S. corn crop in good or excellent condition, which was unchanged from last week’s report and 15% better than the year ago rating. A couple of private analysts released their estimates for this year’s corn yield with one coming in at 180.0 and the other at 182.4. The record yield currently stands at 176.6 bu./acre established by the 2017 crop. Weather looks favorable for crop development the next two weeks. Although the current cooler than normal temperatures in the Midwest will warm to normal to above normal this weekend, no extreme heat is expected, and rainfall looks to be at least normal for most of the corn belt.
Soybeans were moderately lower today, pressured by prospects for a large crop this fall. SX was 14 ½ cents lower and SF fell 13 ¾ cents. Commodity funds reduced their net long soybean position by selling an estimated 14,000 contracts today. Sellers held the upper hand all day long after yesterday’s crop conditions report estimated that 73% of U.S. beans are in good or excellent condition which tied the highest rating ever for the first week of August. Private analyst yield projections released today were in line with the lofty crop ratings with one estimate at 52.0 bu./acre and another at 54.2 (the record U.S. yield of 51.9 was set by the 2016 crop). Weather forecasts look favorable into mid-August with most of the Midwest expected to receive normal to above normal rainfall.
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