Closing Markets: Corn +4 old & +5.75 new.
Beans -0.25 old & new. Wheat -3.50.
Marketing Recap-
Corn Summary-
Corn futures closed higher to start the week this week after making new contract lows early in the overnight session yesterday evening though news was quiet and it seems a lot of the trader focus remains on the record US crop potential currently in place. Crop conditions this afternoon will likely be the main talking point for Tuesday, though traders are predicting little to no change from last week's numbers based on a lack of any widespread weather issues in the last seven days.
Soybean Summary-
Quiet Monday in the soybean market today, as news continues to be rather limited and traders don't seem to have a lot of interest in building any sort of sizeable position on either side of the market. Though it is no longer at the forefront of most market discussions, there continues to be at least some level of angst regarding US-China trade negotiations and what could happen there, with no amount of government biofuel policy able to replace the demand that China can provide. Otherwise, crop prospects have remained good but have not been talked about as much as corn due to the importance of August weather on final yields.
Wheat Summary-
The wheat market saw a lower to start to the week this week despite Russia/Ukraine being somewhat back in the headlines via comments from President Trump on new Russia sanctions and a slow wind down of harvest in the US that has been occurring over the last several days. Prices seem to be largely rangebound between 5.30 and 5.70, which we would expect will remain in the case into the foreseeable future.
Outside News Headlines-
Crude oil futures down near $1.25/bbl.
Weather Updates-
Precip forecasts for this week from the EU's mid-day forecasts show further rainfall potential through the Midwest, with totals ranging from a few tenths to upwards of 2"; coverage looks to be best in the northern and eastern parts of the Corn Belt, but nearly all areas are forecast to receive precip between now and Saturday.
A cold front looks to impact the country mid-week this week, as cooler air from Canada will push down into the northern Plains Tuesday/Wednesday, dropping highs in the Dakotas and the western Cron Belt into the 60's/70's for the rest of the week, before more seasonal temps are seen returning into the weekend.
In the extended forecast, models continue to show above average precip potential through the northeastern US and into the northern Corn Belt into the last days of the month, while the western US looks to hold in a drier-than-normal pattern.
On the temperature side, models are in fair agreement on the Canadian Prairies staying cooler than average over the next couple weeks, while heat is seen returning to the western US via high pressure ridging into the end of the month. The Midwest looks to be above average, but there continues to be no signs of lasting extreme heat in either the EU or GFS forecasts.
Be safe!
Bailey Runyen
Grain Originator | Topflight Grain Coop.
101 N. Main St. | Cisco, IL 61830
Phone :: 217-669-2141
Email :: brunyen@tfgrain.com
