Morning Comments, September 14, 2020

Bradford locomotive Landus Cooperative

Opening Calls:

Corn steady to 1 higher

Beans 4 to 5 higher

Markets traded steady to higher overnight, after Friday's WADSE Report. The soybean futures spot price traded above $10, the first time since May of 2018. Bulls continue to push higher with strong Chinese demand and the USDA, confirming bushels lost due to the Derecho and drought. The weekly Crop Progress and Conditions report are out today, and trade expects ratings to fall about a point. Mild/Dry weather is settling in this week, combines will start to roll; please stay safe and healthy.

Numbers compliment of Mid-Co Commodities

Highlights and notable changes

Corn production at 14.900 Bln. bu. (-378 Mln.)

Corn yield at 178.5 bpa (-3.3 bpa)

Notable changes:

Illinois 203 (-4)

Iowa 191 (-11)

Ohio 172 (-3)

Indiana 186 (-2)

Minnesota 200 (+3)

Record corn yields predicted in MN, WI, MI, SD, and KY

Total corn harvested acres down 500K to 83.5 Mln.

Iowa corn harvested acres down 550,000.

Bean production at 4.313 Bln. bu. (-112 Mln.)

Bean yield at 51.9 bpa (-1.4)

Bean harvested acres unchanged at 83 Mln.

No change to Iowa bean acres

Notable changes:

Illinois 62 (-2)

Iowa 54 (-4)

Ohio 56 (-2)

Indiana 60 (-1)

Minnesota 52 (+1)

Record bean yields predicted in MN, IN, OH, MO, and KY