The only thing normal about this marketing year has been the seasonal selloff we have seen in the past three weeks. The bulls are hoping that will come to an end with the release of the August 12th, monthly WASDE report. This August report will be much different than years past as it will include an acreage adjustment. The USDA resurveyed 13 states after the release of their June 28th acreage report due to late planting conditions. Private acreage and yield estimates started getting released this week; corn acreage estimates have ranged from 83.5 – 90.7 million acres vs USDA current estimate of 91.7.
Beans continue to be on the front line of the trade war as tensions have heightened this week. Trump announced an additional 10% tariff on the remaining $300 billion of Chinse goods after they weren’t making good on promises to purchase large quantities of US ag products. China responded by telling its state-owned companies not to purchase any more ag products from the US.
Make sure to get your offers plugged in prior to the report as we may see some extreme volatility come 11 am Monday morning.
Reminder – Free Delayed pricing bushels must be priced by Thursday, August 22nd.
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