Sept corn up 1 ¼ at $3.24
Nov beans down 1 ½ at $8.915
The DOW is down
USD is weaker
Crude oil down $.61 at $41.31
Corn bears are pointing to prices pulling back -30 cents in just the past couple of weeks despite bullish buying from the Chinese. There seems to be more and more talk inside the trade of the U.S. average yield working itself higher and perhaps pushing to a new record north of +180 bushels per acre. Bears continue to believe we will retest the DEC20 contract lows and perhaps move sub-$3.00 deeper into the U.S. harvest.
Soybean bulls continue to see good demand. The problem is U.S. weather forecasters show very little sign of major complication so there’s more talk of a higher average yield +50 bushels per acre. There’s really nothing fresh or new in the headlines. Bears believe Chinese demand will be somewhat limited between now and the U.S. election and that U.S. production estimates are going to creep higher. That makes the $9.00 level seem like the high end of the range and if relations turn more negative with the Chinese then perhaps the market retest the $8.50 level. Bulls think the Chinese buying could eventually be significant enough to pull prices higher, perhaps up to the $9.40 to $9.60 level.
Bayer, BASF and Corteva Agriscience continue the fight to preserve post emergent dicamba use. The companies are contesting the results of a June 3 decision by three judges on the U.S. Circuit Court of Appeals for the Ninth Circuit, which vacated the registrations of their dicamba herbicides, XtendiMax, Engenia and FeXapan. On Monday evening, the three companies filed separate petitions asking for an “en banc” review of the case, which requests that all the judges of the Ninth Circuit re-hear the original case. This petition for an en banc re-hearing is BASF’s second attempt to reverse the judges’ ruling. A petition filed by the company on June 16 asking the Ninth Circuit to stay and recall the its mandate was denied by the judges on June 25. George Kimbrell, legal director for one of the plaintiffs, the Center for Food Safety, said the group is confident these petitions will meet a similar fate.(Progressive Farmer)
A Small Business Administration official urges farmers to apply for the Paycheck Protection Program through their local lenders. Tom Salisbury is SBA regional administrator for Region 7 which includes Iowa, Nebraska, Kansas and Missouri. He says, “You can walk into your local bank that you deal with, that you bank at for the last however many years, and you know the people there. And that’s the people you’re going to be dealing with so you’re not dealing with a stranger in California or something like that.” Salisbury says a lot of Missouri farmers have been caught in an especially tight spot, “Here in Missouri, you had some flooding up north that affected some of them last year and then they turn around and you’re in a pandemic. So, we’ve been real aggressive about helping them.” Salisbury was on a call with Kansas City area Congressman Emanuel Cleaver who is also urging people to apply for the PPP funds by the deadline of August 8th. He says there’s $100 Billion dollars left and he’s trying to get an extension of the program in a new stimulus bill. (Source: Brownfield Ag)
Bayer AG launched a pilot program in the United States and Brazil on Tuesday that will pay farmers for capturing carbon in cropland soils, making it the latest agriculture company to capitalize on environmental initiatives. The company seeks to enroll about 1,200 row crop farmers in its Bayer Carbon Initiative in the first season, scale up in upcoming seasons, and ultimately expand to other countries, company executives said. Bayer’s program requires that farmers enroll in its Climate FieldView digital farming platform, where growers would log data about their eco-friendly farming practices such as no-till farming or planting cover crops. Those claims could then be verified by satellite imagery. Bayer would compensate growers for sequestering carbon and pay them in cash or credits to buy products on its Bayer PLUS rewards platform.