Yield Survey Closes Today
Aug 30, 2017
Good Morning! From Allendale, Inc. with the early morning commentary for August 30, 2017. Looking forward to meeting many of you at the Farm Progress Show in Decatur, IL today.
Grain markets are gauging the size of the US crop as the window for Summer weather threats continues to close. GDP and crude inventories will be a macro focus this morning.
Allendale’s August Ag Leaders Webinar featured a discussion on Macroeconomics (US Dollar, NAFTA, North Korea & More) and Yield Estimates with R.J. O’Brien’s Chris Modaff. If you didn’t get a chance to listen in, check out the recording Here
Allendale’s Farmer Yield Survey results will be released on Friday at 7:30 am CDT. Make sure you’re on our Wake-Up Call List to get the results emailed to you.
Five of the top twelve corn states have seen precipitation in August over normal. Three of the twelve posted below normal precip. The other four have seen normal rains. Combined with below normal precipitation, we have seen mostly beneficial conditions this month.
A University of Arkansas entomologist reports that red-banded stinkbugs are a growing problem for the Southern states. He noted that two warm winters have allowed the insects to flourish in Arkansas and Mississippi. Harvest activity in some areas had to be stopped as local elevators rejected deliveries due to foreign matter.
Statistics Canada will release crop production estimates tomorrow. Ahead of the report, analysts expect to see 26.2 million tonnes of wheat production, down from last year’s 31.729. Canola is expected to total 18.6 mmt, down from 19.9 last year. Corn is estimated at 13.5, down from 14.0 last year.
Japanese Bakers are visiting the North Dakota Wheat Commission this week with the hope of gaining knowledge of U.S. wheat production, breeding efforts, and quality so that they have a better understanding of the U.S. grain system and the advantages it affords to customers around the world. Japan currently imports about half of the their wheat from the US.
Goodyear has found a use for soybean oil in the production of tires to help keep them more pliable in changing temperatures. No word yet on how widespread Goodyear’s use of soybean oil might be.
Indonesia’s Trade Ministry indicated it would keep the crude palm oil export tax at zero for September. That makes it five months in a row at zero. The government imposes no taxes…