Corn: 2 to 3 higher
Soybeans: 5 to 6 higher
The corn market closed yesterday near steady again for the 6th day in a row, closing at $3.31. Corn has remained in a tight trading range with little news besides weather impacting trade. There is an acreage and stocks report coming out on June 30th that will give us an update. Corn is trading higher this morning. Funds seem to still be in a substantial short position, but the farmer is still sitting on a lot of old crop inventory on the farm.
There was also a story overnight about the resumption of talks between the U.S. and China. Apparently happening in Hawaii, there was a tweet issued by Mike Pompeo saying that his Chinese counterpart committed to honoring all of the obligations of the Phase 1 trade deal. There is talk that this will include purchases of not only soybeans but also corn and/or ethanol.
The soybean market closed slightly higher yesterday. The weekly export sales report came in as expected with no new Chinese sales announced. The soybean market is trading higher this morning with more optimism about futures Chinese business and weather uncertainty. There are some dry pockets that the trade seems to be watching closely.
The overnight trade started out defensively, and both corn and beans started a little lower due to storms moving across the Midwest with varying amounts of rain being reported. We’ve also heard of some severe weather in parts of NW Iowa, with straight-line winds tearing buildings apart. Anywhere from 1/4 to 2+ inches reported so far across a big part of Iowa, with more to come.
Today is June 19th, which is a big day for our customers with July futures contracts. Please remember that today is the last day to price out or roll your July contracts such as Basis contracts, Extended Price contracts, Futures contracts, etc.. If not priced or rolled by 1 p.m., they will be priced for you.
If you need to move any old crop off-farm, we highly encourage you to do that sooner rather than later. We’ve been seeing quite a bit of old crop priced recently, and starting to see a little more new crop every day. Please contact your local Customer Service Specialist or Grain Marketing Advisor at Landus with any questions.
We’re also running a special on fungicide purchases and applications. Contact your local Field Sales Agronomist for complete details, including the premium for selling grain to offset your application expense.