Your Pro Farmer newsletter (August 5, 2023) is now available

Corn and soybean futures faced heavy selling pressure as temps moderated and forecasts called for improved rainfall chances across many areas of the Corn Belt through the 10-day window. August isn’t typically a bullish month for corn and soybeans unless there’s a weather event. USDA will issue its first survey-based corn and soybean crop estimates on Aug. 11. Based on USDA’s crop ratings and our Crop Condition Index, yields should be cut from the August projections. Wheat futures also faced pressure despite Russia and Ukraine both attacking the other’s grain infrastructure at ports. While there are heightened geopolitical concerns in the Black Sea region, grain futures have struggled to find any sustained buying from those events. On the ag policy front, odds of an extension of the current farm bill are high. In our News page 4 feature this week we take an in-depth look at issues and hurdles to getting new farm bill legislation completed. We cover all of these items and much more in this week’s newsletter, which you can download here.