“The committee is prepared to provide additional monetary accommodation through unconventional measures if it proves necessary, especially if the outlook were to deteriorate significantly,” he said in remarks prepared for delivery at a Fed conference.

Bernanke said the U.S. central bank’s purchases of longer-term securities have been effective in lowering borrowing costs and that he believes the benefits of buying more such assets, if needed, would outweigh any disadvantages.

Other options — such as committing to hold rates exceptionally low for an even longer period than is currently priced in to markets, or raising the Fed’s inflation targets — would be less effective, he said.

However, he made clear the Fed has not decided what would prompt additional Fed easing.

“At this juncture, the committee has not agreed on specific criteria or triggers for further action,” he said.

(Reporting by Mark Felsenthal and Pedro Da Costa; Editing by Chizu Nomiyama)

By Michael Hirtzer
VEEDERSBURG, Indiana, Aug 17 (Reuters) - Corn yields in
central and west-central Indiana were down slightly from a year
ago, but soybean pod counts were up considerably, suggesting
better-than-average yield potential, scouts on an annual crop
tour said on Tuesday.
Both crops were progressing much more quickly than last
year and some fields will be ready for harvest a month earlier
than normal, they said during the second day of the four-day,
seven-state Pro Farmer Midwest Crop tour.
“After last year farmers will be very happy they can
harvest early. Drying costs will be minimal,” said Joe Wise, a
scout on the Pro Farmer Midwest Crop Tour and a farmer from the
southern part of Indiana, the No. 5 U.S. corn state and No. 4
soybean state.
Corn yield was estimated at 165.40 bushels per acre, down
from last year’s average in the area of 170.08 bpa but up from
the three-year tour average of 161.85 bpa in six fields scouted
in Boone, Fountain, Montgomery and Tippecanoe counties.
The average soybean pod count was 1,444.80 pods, up from
last year’s 1,258.05 and the three-year average of 1,288.88.
“This is a crop, both corn and beans, that is a lot further
along than it was a year ago,” said Roger Bernard, director of
the eastern leg of the tour.
The tour’s findings will be weighed against the U.S.
Agriculture Department’s forecast for record-large corn and
soybean production.
Soybean crops planted after corn and are further behind in
development so the tour does not project soybean yields.
Instead, scouts calculate the number of soybean pods in a
3-foot by 3-foot square to gauge yield potential.
On another leg of the tour, in the same part of the state,
corn yields ranged from 165 to 200 bpa — better than the
heat-stressed and nitrogen-deficient crops observed on the
first day of the tour in Ohio. Soybean pod counts were also
better, said scout Peter Meyer, agriculture products specialist
at J.P. Morgan.
“Variability has been nowhere near what we saw yesterday,”
Meyer said.
A handful of soybean fields were already turning yellow,
indicating that they soon will be ready for harvest.
However, the sudden death syndrome fungus was also apparent
in other fields as plants dropped leaves and died prematurely.
Outside of limited ear rot in corn, little additional
disease or insect pressure was noted in either crop.
On Monday, scouts on the eastern leg of the tour estimated
Ohio corn yields up 3.7 percent and soybean pod counts down 5.3
percent, noting excessive heat stress in both crops.

The eastern leg of the crop tour pushed off on Monday from
Columbus, Ohio, and the western leg from Sioux Falls, South
Dakota. Both legs convene in Austin, Minnesota, where Pro
Farmer will release its U.S. corn and soybean crop estimates on
Aug. 20.
(Writing by Karl Plume; Editing by Lisa Shumaker)

Eastern S.Dakota corn yields variable amid wet fields

Corn more mature than normal, frost risk limited

Soybean yields potential appears more consistent

    FREEMAN, South Dakota, Aug 16 (Reuters) - Heavy rains this

spring and summer appeared to be taking a toll on corn yield

potential in eastern South Dakota, but soybean yields looked

above average, scouts on an annual crop tour said Monday.

    “As expected, there are a lot of water holes. That will

decrease the average yield because of acres affected by

standing water,” said Gary Wietgrefe, a certified crop adviser

with Syngenta Seeds who is on the Pro Farmer Midwest Crop

Tour.

    Scouts traveling one route through east-central South

Dakota calculated an average corn yield of 125.4 bushels per

acre (bpa) based on six fields by midmorning Monday. The figure

compares with the tour’s 2009 estimate for the same region of

148.18 and the tour’s three-year average of 139.85. The fields

were in Minnehaha, Moody, Lake, Miner and McCook counties.

    The tour typically scouts about 45 to 50 corn and soybean

fields in South Dakota, so the six fields are a small sample.

    Corn yields in two of the six fields were hurt by

drowned-out areas, and one of the six fields appeared to have

been planted late. But most plants unaffected by surplus

moisture looked to be in good health. The yield estimates from

the six fields ranged from 74.6 bpa to 192.7.

    “You’ve seen a huge variability because of the excess

moisture,” said Brian Grete, senior market analyst with Pro

Farmer, who is on the tour.

    The corn looked more mature than usual, a factor that

should help protect it against damage from any early-autumn

cold snap.

    “The chance of getting hit by an early freeze is way low

this year,” Wietgrefe said.

    Another car on the tour traveling further south through

Minnehaha, Lincoln and Union counties in southeastern South

Dakota found better and more consistent corn. The second car

calculated an average yield on five corn fields of 161

bushels/acre, with a range of 145 to 168.

    SOYBEANS MORE CONSISTENT

    Soybeans in east-central South Dakota were in better shape

than the corn in the area and looked more consistent, aided by

improved planting weather. Soybeans are typically planted later

than corn.

    Because soybean crops are further behind in their

development than corn, the tour does not project soybean

yields. Instead, scouts calculate the number of soybean pods in

a 3-foot by 3-foot square.

    The average soybean pod count in six fields in the same

counties was 1,227 pods. That compares with the tour’s year-ago

count in the same region of 972.93 pods, and the three-year

average of 980.92 pods.

    “The beans are more consistent. Overall, the beans have

fared better than the corn,” Wietgrefe said.

    Soybeans in four of the six fields were finished blooming,

although the other two still showed some flowers, indicating

the plants could add more pods.

    The second route in southeastern South Dakota calculated an

average pod count in five fields of 1,167 pods.

    Coming just a week after the U.S. Agriculture Department’s

own survey of nationwide conditions, the four-day, seven-state

tour will assess the impact of recent heavy rains and flooding

in parts of the western Corn Belt and scorching hot and dry

weather in parts of the eastern Belt.

    The tour’s findings this week may help reinforce or cast

doubt on the USDA’s forecast for record-large corn and soybean

production.

 By Julie Ingwersen, RTRS

Midwest weather has been hot. This may have taken the top off the US

2010 corn crop. This plus higher export demand could offer support to

Prices. Still, the speculative long is near record high and historically

Could be tested going into the harvest. Some estimate US 2010 soybean

Crop outlook “best ever” but needs normal August rains to best last years

Record yield. Here again the speculative long going into the harvest is near

Record and World soybean stocks are record high. China record US soybean

new crop buying pace is supportive but may be linked to fact many feel US

Oct-Dec Gulf and PNW exports may reach available capacity. World wheat

Traders are concerned that the drop in FSU wheat supply could increase

US exports and lower US end stocks. This could increase wheat futures

From here.

Market is long(bullish) going into the USDA Aug crop report. Market could be

Set for a bearish reaction to a neutral report. Trade est the corn crop at 13,282

mil bu or a 164.1 yield. Trade est soybean crop at 3,366 mil bu or a yield of

43.2. Average trade guess for US 2010/11 corn, soybean and wheat end stocks

(in mil bu) vs USDA July is, corn 1307/1373, soybeans 334/360 and wheat 982/1093.

Can the near record speculative long continue through a near record US corn and

Soybean harvest? Most look to establish a short corn and soybean position into

the US harvest then buy the harvest low for a rally into 2011. Wheat could test

recent highs and even trade over the highs if US export demand increases

significantly because of the crop problems in FSU.

Freed, Steve ADMIS

This years drought has triggered more fund short covering in wheat and

Net buying in soybeans. Some talk that over the next 2 weeks, C Illinois

May miss most of the forecasted Midwest rains and heat Index could

Touch 100F is helping corn and new crop soybeans. Weaker dollar

Is also triggering buying in commodities.

Thursday morning the USDA will release their weekly export sales numbers at 7:30 am. We will release these estimates in our afternoon commentary.

a tender through private intermediary Meditrate.

Of the total, Meditrade bought 20,000 tons of soyoil. It bought 15,000 tons

from Wataniya/Cargill and 5,000 tons from Alex Seeds. They were all at the

price of 4,845 Egyptian pounds per ton ($850.3) for delivery in August, a

Meditrate official told Dow Jones Newswires Wednesday.

Meditrade also bought 16,000 tons of sunflower oil in the tender that ended

late Tuesday. Of the total, it bought 6,000 tons from Toepfer for delivery in

the first half of August and another 10,000 tons from Glencore International AG

for delivery in the second half of August all for the price of $859 a ton C&F,

the official added.