MIDWEST STORMS - Flattened Corn Fields, Heavy Winds - How Much Damage was Done??

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🌩️ Severe storms tore through the Corn Belt Tuesday, spawning tornadoes in Illinois and Indiana and knocking out power to nearly a million people. Parts of Indiana and Ohio saw 6"+ of rain in 24 hours, and more stormy weather is expected through the week.

🌾 Russian August wheat exports could hit a 10-year low as Sovecon slashes its forecast to 3-3.4mmt amid Black Sea shipping disruptions. Ukraine's exports are also sinking, down 76% in August y/y, after drone strikes suspended operations at two major Novorossiysk grain terminals.

📡 The USDA is overhauling NASS crop reporting, tapping Kip Tom to modernize a system plagued by falling survey response rates. The plan leans on satellite imagery, drones, and machine-generated data to eventually deliver faster, more frequent (and more accurate) corn and soybean estimates.

📊 The USDA's Crop Production and WASDE report drops Wednesday at 11am CST, with traders expecting cuts to corn and soybean yields after a hot, dry July. This is the first report to incorporate actual survey data, and both new crop US and world carryout estimates are expected to shrink.

🚢 USDA confirmed fresh flash sales Tuesday, with 136,000mt of soybeans sold to China and 180,000mt of soybean meal sold to the Philippines. Both deals are set for delivery in the 2026/2027 marketing year.