Morning Comments, July 13, 2020

Agronomy Crop Nutrients Landus Cooperative

Opening calls:

Corn down 4 to 7 

Beans down 6 to 8 

The markets remained under pressure Sunday night for several reasons: Friday’s WADSE Report, rains in the forecast across the corn belt, international trade tensions, and record cases of COVID. On Friday, President Trump said a phase two with China isn’t likely because of how China handled the pandemic. Weather models show normal to wetter rain patterns across the corn belt, with many areas getting rains over the weekend. This afternoon’s report expects to see a decline in both corn and beans crop ratings of 2-4 points on corn and 1-2 points on beans. Lastly, crude oil is trading lower with OPEC and Russia meeting to discuss more crude oil production cuts. Corn and beans are going to struggle right now to trade higher without major disruptions of some kind.