Morning Comments, September 09, 2020

Harvesting Soybeans

Good (chilly) morning! 

Grains trading mixed this morning as yesterday’s weekly crop conditions report showed downgrades to both corn and beans in the good to excellent ratings. Iowa, the top corn-producing state, showed conditions falling another 2% to just 43% rated good to excellent. Iowa soybeans fell 3% and are now rated just 47% good to excellent. The November bean futures have closed higher 11 consecutive days in a row. The central US received some much-needed rains in key parts of the corn belt. Meanwhile, some minor frost damage likely occurred in northern MN and ND last night. Our markets remain supported by declining crop conditions and good export values as we keep seeing new sales to China and other unknown destinations for the 2020/21 crop year. 

Opening calls:

Corn: penny lower

Beans: 4 cents higher