This is the day. USDA's August 12 Crop Production Report comes out this morning. Traders are expecting USDA's first survey-based look at the corn and soybean crops to show corn production up 271 million bu. from the July projection at 11.986 billion bu. based on the average pre-report trade guess. The soybean crop estimate is seen virtually in line with the July projection at 3.001 billion bushels. This is USDA's first survey-based estimates of spring-planted crops.

Corn crop makes progress, but....USDA's Crop Progress Report showed the amount of corn reaching the silking stage has nearly caught up with the average pace seen for this time of year after lagging badly in recent weeks. But the percent of the crop reaching the dough stage is now the area where the lateness of this year's crop is showing -- 30% is in that stage compared to a 50% 5-yera average.

U.S. wants changes in Pakistan wheat import rules. U.S. officials have requested Pakistan ease its import requirements on wheat, according to Pakistani press reports. The U.S. has asked Pakistan remove the requirement that U.S. wheat be certified free of Karnal bunt as the disease does not exist in the United States. But those reports say Pakistani officials have balked at the request.

CFTC sets up panel on forex. The Commodity Futures Trading Commission (CFTC) has announced the formation of a special task force to investigate and litigate fraud in the off-exchange retail foreign currency market, also known as forex. The CFTC said there has been a sharp rise in foreign currency trading scams.

Enjoy!

Roger Bernard
Pro Farmer News Editor