Morning Comments, June 24, 2020

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Opening Calls:

Corn steady to 1 higher 

Beans steady

The overnight session did not provide many clues for today’s session. Corn traded both sides of yesterday’s close but did manage to finish in positive territory, with both July and December futures up 1/2. Soybeans also traded both sides overnight, with July futures up 1/4 and November up 1/2 at the break. 

In outside markets, gold is trading at a 12 year high, crude oil is down slightly (less than $1 per barrel), the dollar is a little firmer, and equities appear to be starting a little lower today. There is talk of more tariffs to be placed on EU products, which is putting pressure on the stock market and many traders going into a “risk-off” stance. 

Next week, we will see the latest info from the USDA on acreage and grain inventories (stocks). These reports will be released on Tuesday, June 30th, which also coincides with not only the end of the month but the end of a calendar quarter. All of this may add up to some fireworks in both commodities and the stock market. We’d encourage you to put offers in ahead of Tuesday morning. 

Now is a good time to finalize your old crop marketing. Please contact your local GMA and/or Customer Service Specialist if you have old crop to move. We’d also suggest getting started on new crop, specifically for your 2021 corn.