Corn: 4 to 5 higher
Beans: steady to 2 better
Corn closed near the low of the trading session yesterday on profit taking ahead of the long weekend as well as weakness in the equity markets, despite a strong export sales report yesterday morning. Commodity Weather Group cut their 2020 U.S. corn yield estimate by half a bushel this month to 177.8 bu/acre due to dryness and wind over the last month. U.S. new crop corn sales last week were very strong at 94.1 million bushels, at the top end of market expectations. Corn is trading higher this morning putting back on some of what was lost yesterday. Lower yield estimates along with the uncertainty that goes along with a long holiday weekend is brought buyers back into the market overnight and into this morning.
Soybeans continued to go higher yesterday supported by the soybean meal market and an export sale of 16.5 million bushels. U.S. new crop soybean sales last week were 64.8 million bushels and at the very top end of market expectations as well. Total commitments to all destinations for 2020/21 of 889 million bushels compare to 235 million bushels at this time last year and are an all-time record for the last full week of the old crop marketing year. Soybeans are trading a little higher this morning. The funds hold a substantial long position heading into a long weekend and a report week which could bring some profit-taking and more volatility.
We’re hearing/seeing a few fields being harvested already. For the most part, this is early season corn in extremely dry areas. We expect the pace to pick up next week and get going hard the following week. If you have not yet contacted your local Landus location, we’d encourage you to do that soon. Get your deliveries lined up so we can all be ready to roll when the time is right. We continue to encourage you to sign up for our portal – we have many tools on there that will allow you to keep rolling this harvest.