Fundamentally Speaking

Weekly soybean crush margins vs. soybean, soybean meal and soybean oil prices

World, world less China, major exporters and U.S. wheat stocks-to-use ratios vs. the average U.S. farm price

Difference from the average September temperature vs. the percent of average September precipitation

Percent difference between September old crop ending stocks WASDE projection to September 1 quarterly stocks figure

Corn and soybean stocks of the three largest producers combined vs. the aggregate stocks-to-use ratio

Percent of the 1895-2023 average August and total June through August precipitation for the top 21 corn and soybean producing states vs. the rank of where each state stands for both August and cumulative June-August precipitation

11-state objective number of soybean pods per 18 square foot area vs. the implied soybean pod weight in lbs./pod

10-state objective corn ear population in ears/acre vs. the implied ear weight in lbs/ear

Percent deviation from the 25-year trend for Argentine, Brazilian and U.S. corn and soybean yields

Actual yields from 1978-2022 and three separate trend lines (1978-1992 in orange, 1993-2007 in red and 2008-2044 in purple) vs. the percent that the actual yield deviates from their respective 15-year trend line

Exports of soybean meal from the three largest world shippers and their percent of global trade.

Percent of Indiana and Iowa topsoil and subsoil in the combined short and very short categories in third week of August vs. percent that their final corn yields deviated from the 25-year trend.

The pace of U.S. corn exports has been quite sluggish for some time with the USDA posting several downward revisions for the 2022/23 marketing year over the past few months and again in this month's WASDE report.

The pace of U.S. corn exports has been quite sluggish for some time with the USDA posting several downward revisions for the 2022/23 marketing year over the past few months and again in this month's WASDE report.

The U.S. has been selling China quite a few soybeans in recent weeks as the PRC is reacting to rising Brazilian FOB premiums as their harvest winds down, congestion at some of the Brazilian ports and uncertainty as to how large the U.S. crop this fall will be.

The USDA August 14, 2023, crop progress report contained corn and soybean condition improvements signaling a potential yield increase.

The USDA August crop production report contained average corn and soybean yields a tad below average trade guesses but not too much out of line.

Dry or even drought conditions appear to be the real culprit affecting corn and soybean condition ratings.

End of July 2023 crop ratings for the top 18 corn producing states and the U.S. vs. the percent that the 2023 rating deviates from the 1986-2023 end of July rating average

U.S. soybean crop ratings as of week 28 and then on week 36, and after the critical growing month of August vs. the percent that the final yield deviated from the 1986-2022 trend.