Friday June 19, 2020

• Soybean futures are at their highest level since early April testing higher again this morning – New crop Futures are now more than 50 cents higher than the lows hit in the end of April 
  • If you have been waiting for the spring/summer rally this may be it 
• As the U.S. largely remains dry heading into the weekend we are seeing some padding come into the prices – however if rains materialize as they are projecting through this weekend support but in today would likely be taken away by the rains 
• Meetings in Hawaii between Chinese and American officials say China remains committed to phase one of the trade deal including the purchase of Ag products – however the lofty targets may prove difficult to hit as coronavirus continues to be a problem in China
• In the last 5 years – the highs in the corn market for new crop have been reached between the 21-29 week of the year – we are currently closing out the 25th week – this is the time to get working orders in and may be the best chance for selling until after harvest