Morning Comments, July 29, 2020

Soyplus Truck Entering Loadout

Opening Calls

Corn: Steady to mixed

Soybeans: 1-2 lower

The corn market closed lower yesterday after we saw the national crop condition rating increase on Monday afternoon. The increase in conditions implies that the corn yields in the U.S. now have the potential to be a record-large harvest leading to a new crop carryout of 3 billion bushels. Today we will see the release of the weekly ethanol production and stocks report. Production is expected to be unchanged from the previous week. Gasoline consumption seems to be nearly unchanged over the last four weeks. Corn is trading steady to mixed this morning as traders are watching the weather forecast and waiting for the ethanol report to be released. 

The soybean market also dropped yesterday, again due to the improvement of the condition rating of the U.S. soybean crop. The UDSA did not announce any new sales to China yesterday, although there are a few rumors that China is shopping for more U.S. soybeans. The weather outlook looks fair for August, giving us a potentially large yield prospect for soybeans as well. 

As we move closer to harvest, reach out to your Grain Marketing Advisor for any remaining old crop grain still in the bin as well as new crop grain that will need to be delivered this fall.

Thursday, July 30th the Elevator and Soy Plant in Ralston will be shut down due to scheduled maintenance on electrical lines by Alliant Energy.