8/7/2020

September corn made a new low today at 3.0725, while December matched its previous low of 3.20.  Beans took a beating today as well trading down a dime.  Beans managed to hang in there pretty compared to corn until this week.  For the week corn was down 9 and beans were down 25.  As I mentioned yesterday besides west central Iowa the rest of the country looks good and yield ideas are trending higher.  Estimates are out for next Wednesday's report.  Corn yield is guessed at 180.4 bpa vs 178.5 bpa previously.  The average guess of the carryout then would be 2.8 billion vs 2.648 billion previously.  Bean yields are also trending higher with an average guess of 51.3 bpa on this report vs 49.8 last month.  The average guess on carryout is 525 million vs 425 million last month.  Besides this report we have 2 other important factors next week.  The crop conditions on Monday and the scheduled China/US talks on the 15th.  Some are a bit skeptical that talks will go well, which might be part of the reason for beans leaking lower today.  For those of you with Sept corn basis contracts we are running out of time.  Please call with any questions.  Have a good weekend!