Tuesday July 7, 2020

• Markets retreating slightly this morning as the funds step back and look at the moves made in the last week – November soybeans have pushed through the $9 futures level and corn took a significant chunk out of its short position 
• National crop conditions ratings
  • Corn fell 2 points to 71% good/excellent – still ahead of 5 year average of 68% g/e
  • Soybean ratings were unchanged at 71% g/e – again ahead of average of 64% g/e
  • Winter wheat harvest continues across the U.S. now 56% complete, nearly on par with average of 55% complete
• U.S. forecasts remain fairly hot and dry in the near term 
• USDA monthly supply and demand report out on Friday – this will be the first report reflecting the revised planted acres numbers from last week 
  • Should translate into a lower carryout number for 2020/21 corn crop