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Europe and Brazil grain production lower

While traders are still anticipating the USDA monthly report to be released at 11 a.m. today, the August USDA crop estimate, has taken less importance after USDA NASS no longer uses official farmer survey and objective yield on this report. The first official USDA NASS report is September. Today’s U.S. corn and soybean crop estimate is still a best guess by WOB, said Steve Freed of ADM Investors.

Allendale’s 2022 Yield Survey, will close on Aug. 28 and results will be released on Aug. 31.

Darin Newsom of Barchart, has long argued that “we can avoid most of the noise in markets by focusing on weekly closes only,” and he says this week is no exception. “Unfortunately, we have the monthly annoyance of USDA's Supply and Demand report standing in the way today,” he said. Rather than focusing on USDA's numbers, Newsom holds more weight on how today closes in Dec corn and Nov soybeans related to the last couple week's settlements.

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