Grain Markets Hold Breath Ahead of Crucial WASDE Report
Grain markets were relatively quiet leading up to Wednesday's August WASDE report, but analysts say this report sets the tone for the rest of the marketing year.
Soybeans and wheat led the decline on Tuesday as traders positioned themselves in anticipation of the release. Corn held its ground better, ending about a penny lower.
Crop tours have been assessing the state of the Corn Belt, with results pointing to a mixed bag. Ohio and Indiana showed strength despite late planting, while Illinois had spotty conditions due to wet damage.
The bigger concern is further west, where Nebraska, the Dakotas, and western Minnesota are facing worse-than-expected conditions.
Estimates for corn yields have converged in a tight range of 182.4 to 184 bushels per acre, with some weather models predicting higher numbers around 185 to 186.