08/25/2023 Day Four Tour Results and NOAA Confirms Stressful Finish to Growing Season

On the Grains: Markets are mixed in overnight trade as we go to press, with corn on the soft side but beans and wheat firm. Yesterday’s day trade started off with some excellent weekly export sales, particularly in soybeans. Old crop sales expectations ranged from zero to 200,000 tonnes but actually came in at just shy of 365,000. New crop expectations ranged from 550K to 1.25 million tonnes and came in near the upper end at 1.218 million. Corn sales were good, too. Expectations ranged from 200K to 750K and came in towards the upper end at nearly 674K.  Ditto for wheat. Expectations ranged from 250K to 450K and sales came in at a very respectable 406K. Later this morning Pro Farmer will release final results of its 7-state 2023 Crop Tour along with its best estimate for the national crop based on historical analysis of crop tour findings in relation to subsequent USDA estimates for those same seven states and the U.S. crop overall. We’ll cover that in today’s PM report. For now, markets are absorbing results of Day 4 on the tour that covered Minnesota and eastern Iowa so that Day 3’s assessment of western Iowa could be…