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We kicked off the day with MBA 30-Year Mortgage Rate, MBA Mortgage Applications, MBA Mortgage Market Index, MBA Mortgage Refinance Index, and MBA Purchase Index at 6:00 A.M., EIA Energy Stocks at 9:30 A.M., Fed Waller Speech at 10:00 A.M., 17-Week Bill Auction at 10:30 A.M., 20-Year Bond Auction at 12:00 P.M., FOMC Minutes at 1:00 P.M., Dairy Products Sales and Fed Bostic Speech at 2:00 P.M., Jackson Hole Symposium at 7:00 P.M.

The Pro Farmer Tour estimated the Nebraska corn yield at 179.5 BPA, which was up 3.6% from last year, but up 8.0% (13.2 BPA) from the 5-year average. The Nebraska Pro Farmer yield argues that NASS Nebraska corn yield of 192.0 BPA is correct or even too low by 2 BPA. Nebraska soil moisture is adequate to surplus, and coming cooler temperatures will favor kernel and pod filling into September. The Indiana pod counts were down 2.3% from last year, but above he 5-year average 82 or 6%.

The Indiana soybean yield has upward potential with good finishing weather that would include a couple of additional rain events. Soil moisture is adequate to dry across Indians. The Pro Farmer Tourwill push into Iowa and Illinois today before concluding in Rochester, Minnesota. A survey of southern Minnesota will also be included. Based on last week’s ARC Crop Your, expect the Pro Farmer will uncover, record corn ear and soybean pod counts. The Iowa and Illinois corn crop is special. CBOT futures are coming in mixed, with corn leading the decline, based on the Pro Farmer Tour confirming record or near record coen ear pod counts in Indiana and Nebraska.

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