Day one of the Crop Tour took us through districts 4 and 5 of Ohio.
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Grain Market Recap:
It was a frustrating day in the grain markets. After putting together their first 3-day winning streak to close out last week, and gapping higher in the overnight session, corn managed to close sharply lower. Soybeans also gapped higher overnight, and were able to hold onto some of their gains, but also filled the gap during today’s trade. The trade in September wheat was eerily similar to corn, trading lower from this morning’s opening bell. Hot, dry weather through the balance of this week during the crop tour, and don’t forget to catch our live coverage on Twitter and YouTube!
December corn gapped 7 cents higher overnight, opening at 500-4. Unfortunately, the contract failed to close above the psychologically significant 500 level for the seventh time this month alone. After last week’s strong finish, and another flash sale of 174,000 MT to Mexico for 23/24 announced this morning, the contract moved progressively lower throughout the day. The low for the day was put in about 20 minutes before the close, coming in at 481-2. For the day, the contract settled 10-4 cents lower at 482-4.
November soybeans were the only grain contract able to sustain some of their overnight gains. Like corn, soybeans enjoyed a flash sale of 159,350 MT for 23/24 delivery to unknown destinations. Beans gapped 11 cents higher at the overnight open, but also managed to fill the gap during the session. The weather this week has potentially further implications for soybean yields than they do for corn, which may have been a contributing factor to soybeans closing 8-4 cents higher at 1361-6 for the day.
It’s still groundhog day in the September wheat contract. The weakness in corn certainly didn’t help today, which is why it could not sustain its 5 cent gap higher in the overnight trade. The demand for wheat remains suspect, and there have not been any indications that change is looming in that regard. For the day, September wheat settled 14 cents lower at 599-2.
Crop Tour Day 1 Update
Day one of the Crop Tour took us through districts 4 and 5 of Ohio. For reference, last year’s district 4 average during the tour was 172.79 and the average in district 5 was 170.57. Our specific counties in those disctricts included Delaware, Union, Champaign, Miami and Darke. Here’s how our findings stacked up against those counties last year. It’s important to understand the objective of this crop tour isn’t to pinpoint the yield of any specific field or county, but to pull enough samples over a wide area to give us a good idea at where yields might be in each state by the end of the week. The data below doesn’t include samples from other Scouts who may have went thorough those districts.Delaware County (District 5)Ear Count: 109Average Grain Inches: 7 ¾Average Kernal Rows: 20Row Spacing: 30 inchesAll this together gave us an estimated yield for this sample of 281.5 bushels per acre.Union County (District 5)Ear Count: 85Average Grain Inches: 7 ½Average Kernal Rows: 16.67Row Spacing: 30 inchesAll this together gave us an estimated yield for this sample of 177.1 bushels per acre.Champaign (District 4)Ear Count: 102Average Grain Inches: 5 ¾Average Kernal Rows: 17.33Row Spacing: 30 inchesAll this together gave us an estimated yield for this sample of 169.9 bushels per acre.Miami (District 4)Ear Count: 102Average Grain Inches: 7 ¼Average Kernal Rows: 15.33Row Spacing: 30 inchesAll this together gave us an estimated yield for this sample of 188.9 bushels per acre.Darke (District 4)Ear Count: 102Average Grain Inches: 6 ½Average Kernal Rows: 14.66Row Spacing: 30 inches