Pro Farmer crop tour numbers are well absorbed into the trade now as well as the weekly crop updates. Bottom line analysts suggest moving December corn futures higher will need new data. But traders may have to wait until USDA’s September 11th crop report to get that data.
USDA is sending out crop scouts right now. They’re doing their infield surveys similar to Pro Farmer last week. They’ll be covering much the same ground but adding even more states though.
So, comparisons to Pro Farmer will be much easier. Weekly corn ratings will be less impactful in our view as the crop continues to mature. This is the bottom-line report.
Looking at the December corn futures, corn traders need new data all year long but especially now pushing higher. We think that December futures to move up to 550 levels, that was back in August of 2023, they’re going to need that September 11th report.
Audio Reporting by Mark Oppold for Southeast AgNet.