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Advancing our Legacy by creating value via modern facilities, dedicated employees, superior service, and sound marketing.
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|Sep 01, 2020|
|Jan 01, 2021|
|Sep 01, 2021|
♦Please Contact your delivery location to confirm that day's hours♦
(may differ per locaiton based on activity)
2021 Fall NGMO Soybean Premium will be $1.40. (This is the same premium as the current 2020 program)
DAILY MARKET COMMENTARY
Corn- Corn futures traded both sides of unchanged today but closed the session mostly firmer. FAS reported corn flash sales this morning which were deemed friendly, while harvest pressure hung over the market. In addition, traders appeared somewhat hesitant to establish new positions ahead of Wednesday's Quarterly Stocks Report. The average trade guess for September 1st corn stocks is at 2.250 bln. bu. U.S. harvest progress is expected to pick up across the Midwest this week. Yield reports thus far remain variable. Until more actual yield reports become available, traders will continue to look to NASS for direction. Last Monday afternoon’s condition/progress reports estimated the U.S. corn crop at 61% GTE & corn harvest progress at 8% complete. In this afternoon’s report, traders expect to see 17% of the U.S. corn crop harvested. The forecast for the Corn Belt looks mostly favorable for harvest activity to continue the next 2 weeks, with some light but limited rain expected. Weekly U.S. export inspections for corn fell within market estimates this morning at 31.8 mln. bu. This year’s corn exports remain off to a solid start. Cumulative corn exports are 110 mln. bu. vs. 61 mln. bu. a year ago. In addition, USDA announced flash sales this morning totaling 207,140 metric tons of corn to unknown destinations and 110,800 metric tons of corn for delivery to Japan; both for the 20/21 marketing year.
Beans- Soybean futures traded lower today despite a flash sales announcement this morning of 218,300 metric tons of soybeans for delivery to unknown destinations in the 20/21 marketing year. This followed no bean sales announcements last Thursday and Friday. Weekly U.S. soybean export inspections fell within trade estimates today at 44.5 mln. bu. but marked the lowest total for the first 4 weeks of the current marketing year. The bulk of the shipments were destined for China. Profit taking was noted today in long soybean/short corn and long soybeans/short wheat spreads. Traders are awaiting Wednesday’s Quarterly Stocks Report. The average trade estimate for September 1st soybean stocks is 576 mln. bu. Traders are also monitoring U.S. harvest activity. The forecast looks conducive for harvest progress to pick up this week. NASS will release updated progress/condition ratings this afternoon. The expectation is to see near 18% of the U.S. bean crop harvested. Market participants also continue to monitor S. America’s forecast, as Brazil remains on the dry side. Little to no rain is expected in key soybean areas across central Brazil over the next 10 to 14 days and 91% of expected soybean production in Brazil is estimated to be drier than normal. Although, October is still expected to see improved precipitation.