Morning Comments August 24, 2020

Harvesting Soybeans

Opening Calls:

Corn: up 3

Beans: up 6

On Friday, the corn market closed 2 1/2 higher due to expectations that this afternoon’s crop condition rating will show a 1% decline, as well as strength in the wheat market. Corn is trading higher again this morning with support from a lower Pro Farmer final yield estimate, high temperatures through the Midwest and no rain forecasted, and an expected decline in crop condition ratings. A few things that could limit rallies, however, are the limited gasoline demands—ending at 10% below last year. Also, near a world record in corn supplies that are expected after harvesting Brazil, Ukraine, and the U.S. Lastly, Tropical Storm Laura could push some moisture up to the drier areas of the Midwest—improving chances of rainfall late August into early September.

Soybeans closed a little lower on Friday due to news of the Pro Farmer Crop tour reporting large pod counts in many states they toured. China’s demand of U.S. soybeans is becoming more steady. An announcement of 40 mil bu. to China was made last week by the USDA. Beans are trading higher this morning with a hot forecast across the Midwest. 

The final date/time to roll or price all Price Later bushels is this Wednesday by 1 P.M. If they are not rolled, and signed paperwork in one of our offices by then, they will be priced. Please contact your local Customer Service Specialist or Grain Marketing Advisor with any questions/concerns.

Upcoming events: 

Join us for pre-harvest location updates and a chat with our CEO Matt Carstens. RSVP today: https://marketing.landuscooperative.com/acton/rif/42104/e-018f-2008/-/l-tst:0/l-tst/showPreparedMessage?sid=TV2:in6yb00eT

Join PFI for a call next Tuesday (August 25) at 7:30 am to learn more about options for managing derecho-damaged crops and prioritizing cover crops, and to share your concerns. Speakers will include Mark Licht of ISU Extension, Susan Kozak of IDALS, Mark Gutierrez of USDA-RMA, Mike Henderson of NRCS, and Tim Bardole of Iowa Soybean. Register today:

https://practicalfarmers.org/programs/cover-crops/options-for-derecho-damaged-crops-and-cover-crops/