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

 6/01:

Corn-  Corn futures closed the session slightly lower today. A lack of fresh demand news coupled with a mostly favorable weather forecast hung over the market. As of midday, funds were estimated to have sold approximately 3,000 contracts of corn. Weekly U.S. corn export inspections were solid this morning at 44.4 mln. bu. This total fell at the upper end of trade expectations. Weekly corn exports need to average approximately 41 mln. bu./week the balance of the marketing year to reach USDA’s annual export forecast. For reference, cumulative exports are down roughly 28% from a year ago. Weather maps indicate the Midwest will see very warm/hot conditions this week, but crop stress is expected to be minimal. Isolated, scattered thunderstorms are also a possibility for the central & northern Plains as well as the Midwest the latter half of the week. NASS will release updated planting progress numbers this afternoon. The average estimate for U.S. corn planting is at 94% complete. This would compare to 88% a week ago, 64% last year, and an 89% average. Corn rated in good or excellent condition is expected to rise a percent or two from last week’s estimate of 70%.

Beans- Soybean futures traded both sides of unchanged today and ultimately ended the session mixed. Market participants are monitoring the escalating trade tensions between the U.S. and China. On Friday, President Trump ordered his administration to begin the process of eliminating special treatment for Hong Kong. Then, overnight, news spread that China had decided to halt some U.S. farm imports. The concern is the recent escalation between the two countries could threaten the phase 1 trade deal. However, mid-session, reports were circulating through the market that China had purchased 3-5 cargoes of beans off the PNW for Oct/Nov shipment. This morning’s weekly U.S. soybean export inspections were disappointing, at just 14.6 mln. bu. Bean exports continue to lag the “needed” weekly total to reach USDA’s annual export projection. The Fats and Oils report will be released at 2pm CST and is expected to show April’s soy crush near 182.5 mln. bu. NASS will release updated planting progress numbers this afternoon at 3pm CST. Soybean planting is expected near 79% complete vs. 65% last week, 36% a year ago and a 69% average. The soybean crop is expected to be rated near 68% good/excellent.

WEATHER