Corn is unchanged and soybeans are up 5 to start the week.
Support for all markets is coming as America continues to reopen without any major resurgence in the coronavirus. Additional support is coming from reports that an experimental vaccine has showed hope in early tests. A vaccine is considered a crucial step toward lifting social distancing measures and safely reopening economies, schools and events around the globe. While the timeline may be a ways out, progress is being made and hopes are that we could have a vaccine by the end of the year.
Most areas of the Midwest received at least an inch of rain since Friday, with many areas accumulating as much as four to five inches of precipitation. After a week of mostly soggy weather, planting progress in most of the Midwest may ease in this week’s Crop Progress report. But the recent rainfall will likely bring todays total back closer to the 5 yr average. Most of the corn belt will enjoy warm and sunny skies for the first have of this week. Warmer temperatures late this week and into the weekend should help soils dry out and increase emergence across the Midwest.
Chinese buying of soybeans and corn continue but gains will be limited by large supplies and expectations for good crops this year. Producers are advised to be making cash sales and new crop sales on any bounce in the market (1-5-10 cents) because they will be very limited.
Have a Safe Day!