Grains were weaker to start the day while crude prices continued to slide in overnight trade.
Pro Farmer’s crop tour concluded day 1 reporting estimates for OH & SD. Corn yields in Ohio were projected to come in roughly unchanged with last year and down from a three-year average after dry field conditions negatively impacted fields in parts of the state. Corn yields in Ohio are projected to be 148.96 bushels per acre, just above 148.37 bpa in 2015 and down from the three-year tour average of 167.37 bpa. USDA pegged Ohio yields at 163 bpa, up from 153 bpa in 2015. For soybeans, the tour estimated the amount of soybean pods in a 3-by-3-foot square in Ohio at an average 1,055.05 pods, down from 1,125.26 last year and the three-year average of 1,250.43 pods.
In South Dakota, corn yield was estimated at 149.78 bushels per acre, below the tour's three-year average of 160.13. A year ago, scouts on the tour calculated the average South Dakota corn yield at 165.94 bushels per acre. Soybean pod counts in a 3-by-3 foot area were pegged at a statewide average of 970.61. That compares with average pod counts of 1,054.98 in 2015 and the three-year average of 1,043.15.
In overnight news, Egypt’s GASC was tendering for wheat. The lowest offer came from Ukraine for $171 /MT. Stats Canada released new crop estimates, pegging the all wheat crop at 30.49 MMT, up from last month’s forecast and up 10% from last year. Anola output was estimated at 17.02 MMT, off 1.2% from last year
Crude oil prices continued their slide this morning, giving up 50 cents a barrel after yesterday's steep sell-off of a $1.70 a barrel.
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