Morning Comments, July 2, 2020

Aaron burden 9 C8r4 Q Uw ZRQ unsplash

Opening Calls:

Corn down 1 to 2 

Beans steady

The overnight trade saw two-sided action. September corn futures were up as much as 3 before closing the night session down 1 3/4. December futures were fairly similar. All in all, so far, it’s been a very good week for corn prices, adding close to 30 cents to September futures and almost 35 for December futures since last Friday. 

August soybeans futures have added about 30 cents this week. November futures are up more than 35 cents and are currently just below $9.00. The USDA acreage report, hot and dry weather forecasts, and subsequent short covering by the funds will have us leaving this week in a better place than last week. 

Please keep in mind that today will be a shortened trading session in Chicago. They close at 12:05 p.m. today ahead of the 3 day weekend. Traders will be able to get out of the city for a while, maybe go look at their family farms and see for themselves how this year’s crops compare to previous years. That and changes in weather forecasts will impact next week’s trade as much as anything. 

Keep putting in those offers, we’ve seen a large number of offers finally hitting this week. We continue to believe that finalizing old crop sales should be a priority. Putting some new crop sales on the books would be good, too. Let our team of GMA’s and Customer Service Specialists know how they can help. 

Have a GREAT holiday weekend.