Markets are keeping a close eye on the latest yield estimates. StoneX released updated numbers, trimming U.S. corn yields to 186.9 bushels per acre, down from their previous 188.1, and lowering soybeans to 53.2 bushels per acre from 53.6. Earlier this week, Allendale also released their estimates, coming in just a touch higher than StoneX at 187.52 bushels for corn and 53.28 for soybeans.
As harvest draws closer, there are growing worries about the drop in basis. Some elevators are already expressing storage concerns, which could create added pressure on cash movement once combines roll.
In livestock, cattle traded with heavy volatility, finishing the day in the red — almost like a beach ball forced under water, struggling to break free. Meanwhile, hogs pushed higher, offering some strength in an otherwise choppy protein sector.
PJ Conradt has today’s Market Wrap Up
