Your Pro Farmer newsletter (Aug. 10, 2024) is now available

Funds showed no willingness to actively cover short positions ahead of USDA’s Aug. 12 Crop Production Report, which will feature the first survey-based corn and soybean crop estimates. Pre-report expectations point to record yields for both crops. After below-normal temps and above-average rainfall across the Corn Belt during July, crop conditions ratings were strong to start August, fueling the record yield expectations. While crop prospects are strong, export demand remains a concern, with global end-users content to be passive buyers as prices continue to fall. It’s going to take a bullish surprise in the Aug. 12 reports, a surge in export demand or an unknown factor for grain markets to encourage funds to cover enough short positions to put in market bottoms. With Minnesota Governor Tim Walz tabbed as Kamala Harris’ running mate, we take a look at his stance on ag issues, taxes and other key factors for the rural community. We cover all of these items and much more in this week’s newsletter, which you can download here.