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2020 Tax Information Regarding 1099's
Legacy Grain Fiscal Year Ended
April 30, 2019

 7/2:

Corn-  Corn futures closed 6-7 cents lower today. CU finished the week 23 cents higher. Corn futures traded sideways in May after slowly eroding since midJanuary, slowly firmed into late June before a late month sell-off, and rallied sharply Tuesday/Wednesday on the surprising acreage report coupled with a worrisome July weather outlook. (Trade chose to disregard quarterly stocks 275 mln. bu. higher than expected, though some of today’s weakness may have been a function of paying some attention to 19/20 and 20/21 ending stocks.) Funds were active in covering short positions post-report and have cut their estimated short position by a 1/3 to an estimated 208,000 contracts this morning. Today’s session found some weakness on poor export sales and July weather forecasts that look a bit less threatening than they did yesterday. Still, you can find whatever forecast fits your market outlook, and even though they look a bit less threatening, warm and dry is still the underlying sentiment for July. Sunday night trade could be interesting. Weekly export sales were 14.2 mln. bu., bringing YTD commitments to 1.666 bln. bu. vs. 1.926 bln. bu. last year. Japan, Mexico, and Columbia the buyers of note. 20/21 weekly export sales at 10.3 mln. bu. An export sales announcement this morning reported China buying 202 tmt of U.S. corn for 20/21 but the market chose to disregard the news. Weekly ethanol production continues to climb with processors close to or just above breakeven. Ethanol production is up for the 9th consecutive week and stocks are down for the 10th consecutive week. The rally in futures this week brought considerable producer selling interest to the marketplace in both old and new crop bushels. This has been the most active producer selling week in quite some time and for many, the first that has prompted new crop coverage. Equities are higher today on a favorable unemployment report. On the other side are increasing COVID19 infection rates.

Beans- Soybeans closed steady to 2 cents lower in quieter trade than corn. SQ gained 32 cents this week, the largest gain since mid-March. Soybean strength this week seemed more driven by acres not increasing as much as expected as opposed to weather worries. Quarterly stocks were close enough to expectations to not have much impact. Funds are thought to have doubled their long position this week to 65,000 contracts. The rally in futures this week did bring producer selling to market in both old and new crop slots. Selling of beans seemed more prevalent today, possibly due to futures remaining close to unchanged while corn faltered. Weekly export sales were disappointing at 8.8 mln. bu. YTD commitments at 1.655 bln. bu. vs. 1.778 bln. bu. last year. Only buyer of note was Egypt. 20/21 weekly export sales were 30.9 mln. bu. with China the main buyer. China bought 126 tmt of U.S. beans for 20/21. Concern continues regarding China meeting Phase 1 trade targets. 

WEATHER