Sept corn down 1 ¾ at $3.47
Nov beans unchanged at $9.015
The DOW is down
USD is stronger
Crude oil down $.26 at $39.36
Corn bulls are pointing to increased weather worries and perhaps greater buying of U.S. supply by the Chinese. Unless the USDA throws us a bearish curve-ball in today’s July supply and demand report which is scheduled for release at 11:00 am CST, this report will be digested quickly and the market will go back to trading weather. We recommend continued scale in selling through next week.
Soybean bulls are pointing to U.S. weather complications in some parts of the belt, continued Chinese buying, and some uncertainties in South America.
U.S. Secretary of Agriculture Sonny Perdue announced an initial list of additional commodities that have been added to the Coronavirus Food Assistance Program (CFAP), and that the U.S. Department of Agriculture (USDA) made other adjustments to the program based on comments received from agricultural producers and organizations and review of market data. Producers will be able to submit applications that include these commodities on Monday, July 13, 2020. USDA’s Farm Service Agency (FSA) is accepting through Aug. 28, 2020, applications for CFAP, which helps offset price declines and additional marketing costs because of the coronavirus pandemic. USDA expects additional eligible commodities to be announced in the coming weeks.
There is no question that dicamba injury across the Iowa landscape in 2020 is the most extensive it has been since the introduction of dicamba in the 1960s. Iowa State University Extension and Outreach field agronomists and commercial agronomists in several areas of the state report nearly all non-dicamba resistant soybean are showing symptoms characteristic of dicamba, and in many fields the injury is fence row to fence row. This is not the type of injury we have observed in the past; it’s at a landscape level. The focus over the past three years has been on postemergence dicamba applications on dicamba resistant (DR) soybean; this year it is apparent the problem is not that simple.
Brazil’s Ministry of Agriculture approved several agriculture products that use the chemical dicamba, a weed killer whose use has been blocked by a court in the United States, according to a notice in the government gazette on Thursday. The ministry approved the registry for six dicamba products from Bayer’s Monsanto and several smaller Brazilian companies, according to the notice. The U.S. court blocked dicamba’s use in June, saying that risks associated with the herbicide were understated. The six dicamba products registered in Brazil were classified as “very dangerous to the environment,” the gazette said. (Source: Reuters)
The United States Department of Agriculture’s (USDA) Farm Service Agency (FSA) announced the acceptance of more than 1.2 million acres in the Conservation Reserve Program (CRP) Grasslands during the recent signup period that began March 16 and ended May 15. The number of acres offered during this signup period was 1.9 million acres, over 3 times the number offered during the last signup period in 2016. Participants will receive an annual rental payment and may receive up to 50 percent cost-share for establishing approved conservation practices. The duration of the CRP contract is 10 or 15 years. For more information on CRP Grasslands, contact your local FSA county office.