Missed a recent article by Jon Scheve? Get it sent to you directly every week. Send a request by email: [email protected]
Market Commentary for 8/7/20
The corn market finished the week on the lows. The estimated 2020 corn yields are increasing every day, while many farmers still sit on unsold 2019 corn. Time is running out to get old crop sold and moved before harvest starts.
A change in price direction due to weather is unlikely right now. National yield estimates are above 180 and the latest drought index shows only 18% of the corn belt is facing drought conditions.
As the above map also shows, western Iowa is currently experiencing dry conditions. However, keep in mind that western Iowa also has some of the best subsoil moisture capacity in the US too (see map below).