Tough Week for Corn and Beans
It was a rough week for corn as it seemed it struggled the whole week as corn lost about 16 cents. There was the August USDA report that raised the yield estimate to 178 bushel an acre. The Pro Farmer Crop Tour seemed to confirm a record yield with a estimate of 177.3 bushel an acre. Traders also think there is a lot of "give up" selling as farmers are cleaning out their bins getting ready for harvest. Many traders have an objective of taking corn down to the previous contract low in the December corn at 3.50-3/4.
It was a similar story in beans as beans lost about 37 cents a bushel last week. On top the USDA yield estimate of a national yield 51.6 bushel an acre Pro farmer raised the yield estimate to 53 bushel an acre. The pod counts on the tour were much higher this year plus there was plenty of moisture to finish the crop. Ii also seems like there will not be a resolution to the trade dispute with China anytime soon. Many traders think China is waiting until after the elections this fall. It sure seems like the bears have all the news going their way!