Good Morning: The grain markets are lower this morning with corn and soybean futures trading to 2-week lows. The weather models have turned cooler with a few chances of rain late this week and again into the middle of next week. Strained relations between the US and China are weighing on today’s markets, as is the resurgence of Covid-19. The Dow futures are down roughly 80 points and crude oil is slightly lower. NOAA’s 6 to 10 and the 8 to 14-day maps have turned less threatening for crop development. Temperatures will remain above normal but not to the extreme as forecasted for this week. The precipitation pattern will remain drier than normal for the WCB and plains while a much-needed wetter pattern is expected to develop in the Mountain West region that has been plagued by wildfires. Friday’s COT report showed the funds was net short 3,770 Chicago wheat, down 19,866 contracts, long 223,302 contracts of corn, up 14,503 lots, and long 95,874 contacts of soybeans, up 13,101 contracts. Another high-level meeting between U.S. and Chinese officials in the Chinese city of Tianjin concluded Monday with criticism from both sides. Before the talks even ended, China’s Ministry of Foreign Affairs said Vice Foreign Minister Xie Feng told U.S. Deputy Secretary of State Wendy Sherman on Monday the two countries’ relationship “is now in a stalemate and faces serious difficulties.” . Friday’s Cattle on Feed report showing the number of cattle on feed as of July 1st at 98.7% versus expectations of 99%. Placed in June was seen at 92.9% versus trade expectations of 95.9%. Marketed in June was 102.7%, above trade estimate of 102.1% Have a great day! Wayne Kollis - Mike Rosenberg - Matt Zeman - Austin Behrendsen - Deric Den Hartog
Mon 7/26
Tue 7/27
Wed 7/28
Thu 7/29
Fri 7/30
High
90 F
95 F
98 F
87 F
83 F
Low
63 F
68 F
71 F
69 F
60 F
Precip
0%
28%
30%
75%
73%
Hot Days Ahead!...
Insects are always a concern in beans and two that we are seeing currently are Spider Mites and grasshoppers....
Now is decision time for fungicides, foliar insecticides and foliar feed micronutrients....
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