Morning Comments, June 23, 2020

Agronomy Early Corn

Opening Calls:

Corn down 3 to 4

Beans down 2 to 3

The overnight session had both corn and beans on the defensive all night. At one point, July and December corn futures were down 7, before finishing the session down 3 1/2 to 4. Soybeans also climbed back, after July futures were down 11 and November was off 14. They finished at -2 1/4 and -3 respectively.

A big part of the downward pressure was the improving corn condition ratings added to the beneficial rains that moved through the Midwest over the weekend and the potential for more in the coming days.

Corn is now seen at 72% Good to Excellent (GTE), up from 71% nationally. Iowa is now 85%, up from 83%. Soybean conditions slipped nationally to 70% GTE, down from 72%, but Iowa climbed 2 points to 84%.

Wheat is also lower this morning, adding a little more pressure. However, crude oil is higher and the dollar is weaker.

We continue to encourage wrapping up old crop sales and if you haven’t already, start making some new crop corn sales, if/when we see the board trading a little higher.