8/25/2023

Soybeans complete another day of firmly higher trade with double-digit gains and more strength in spreads while corn continues to be stuck sideways with spreads weakening. The USDA lit the lamp at 8 a.m. this morning confirming the sale of 121,000 tonnes of soybeans to China for delivery during the 2023/24 marketing year. ProFarmer completed their tour yesterday and found a fair amount of variability in the crop that was mostly as expected. We trade headlines and every year we trade the same weather headlines when it comes to the U.S. growing season. It's always too dry here, too wet over there, too hot in this place, or too cold at that place. Overall, the tour found a crop similar to last year and history tells us that this tour is typically very conservative in their corn yield estimates.