Crop Feedback
Justin farms in NE Kansas where almost every year the rains stop before the corn is mature while the day time highs average 90°F (32°C), which means half of the days the highs are in the upper 90’s. Justin predicts Iowa farmers will be shocked how much corn yield loss they have and will continue to lose with the dry soils and high temperatures for the next two weeks.
Duane Lowry has 44 years in the grain trading/ag business industry. He is a marketing consultant and a Crop Insurance Agent. His comments last evening:
"Eastern IA corn yield losses are cemented. Footprint with notable yield losses expanding. I believe these statements are true for northern IA and MN as well. Likely can include NE as well. Soybeans… oh my, flat pods, dying plants…losses, losses, losses."
Highlights
The war continues to escalate.
The weekly petroleum report showed a massive 11.486 million barrel drawdown of US crude inventories, compared to last week’s 2.418 million barrel draw. The market expected a drawdown of just 2.9 million barrels for the week. Year-to-date, the US crude inventory is up 4 million barrels, but since April, the inventory has shrunk by more than 43 million barrels.
Statistics Canada lowered their crop production estimates and are expecting less yield than in 2022 due to hot, dry weather.