Good Morning,

Corn and Beans are both relatively quiet before this morning’s report.

The USDA has a monthly report coming in this morning at 11 AM. Below are estimates.

USDA 2020-21 U.S. grain and soybean ending stocks

USDA July  Average of          Range of USDA June
2020-21  analysts’          analysts’ 2020-21
end-stocks  estimates          estimates end-stocks
estimates estimates
Wheat _______    0.948               0.825-1.006       0.925
Corn _______    2.683              2.400-3.010       3.323
Soybeans _______    0.416              0.355-0.572       0.395


Yesterday saw a nice start to the day with corn up eight plus cents. This “run” was spurred on by a hot and dry forecast for some larger areas of the Corn Belt that are desperately needing rain. Of course this hot forecast always raises questions about a successful pollination. Along with this, China auctioned off another large volume of corn this month from their reserves, with a 100% sale rate.

A reminder that we need to look at getting firm offers in place, these are working all trade hours and can capture the spikes in the market. Congrats to those that were filled yesterday in the morning, and look to start thinking about locking in old crop at $3.25 or higher, and winter consider offers of $3.45-3.50.

Have a Great Weekend,

Mitch Giebel