Morning Comments May 29, 2020

Corn Crop Monday Alert

Opening Calls:

Corn: Steady to 1 lower

Soybeans: 4 to 5 lower

The corn market saw higher numbers yesterday as is was supported by funds short covering and a jump in wheat prices. It was reported that funds brought somewhere between 15,000 to 25,000 contracts covering part of the large short position, ahead of the month-end. U.S. ethanol production rose last week for the 5th consecutive week and shows a 34.8% increase from the lowest point of production from the COVID-19 industry shutdowns. Corn was higher overnight but finished the night session steady to a touch lower this morning. 

The soybean market wasn’t able to produce a rally along with the corn market yesterday. Today, the President is holding a press conference about China and Hong Kong and there is some fear that it may negatively impact the demand from the Chinese for U.S. soybeans. The soybean market is trading lower this morning. 

Now is a good time to touch base with your local Grain Marketing Advisor about pricing some bushels. Whether on the farm or in the elevator, let us know what levels you’re looking for, and let’s get some offers working.