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8.29.25 MIDCO AFTERNOON COMMENTS
🌽 Corn Market Update
The corn market saw a strong close to the week on Friday, with buying seen into the close based on fund short covering ahead of the three day holiday weekend. Interesting for next week will be whether the market rejects or accepts the close above the 50-day moving average, though our confidence is growing in the fact that even if it rejects it, the market has likely scored an early seasonal low in recent weeks, with it being the hope of the bulls that we've seen the highest estimates of the year for yield and production. Otherwise, it will be another week of crossing days off the calendar until harvest hits full swing.
🌱 Soybean Market Update
Soybean futures were on the receiving end of spill over buying from the grain markets to end the week today, though the products still closed mixed with a further slide in bean oil. There has continued to be little to no news coming out regarding meetings between Chinese trade representative Li Chenggang and his American counterparts, which presumably kept the market from pushing to new highs throughout the course of the week. We've talked it about ad nauseum lately, but there is no replacement for Chinese soy buying and longer term price direction depends almost entirely on whether they bring business back to the US. There are rumors that some of the unknown purchases currently on the books could ne China, but traders will want confirmation of this before placing any further bullish bets.
8.29.25 MIDCO MORNING COMMENTS
Good morning. Today marks the end of the trading month and the end of the marketing year for corn and soybeans. There is no trade on Sunday night or Monday during the day session. Today is first notice day for September futures. Deliveries totaled 3 beans, 21 meal, 7 oil, 328 KC wheat, and no corn or Chicago wheat. December corn posted a outside day higher yesterday and is trying to build off that this morning. That contract is currently nestled between the 20-day MA ($4.05 ½) and the 50-day MA ($4.15). Talk of a lower national yield than the USDA has currently posted and strong corn exports is helping corn futures build a base. The lack of China bean demand is keeping a lid on bean futures, despite tighter ending stock projections than a year ago. Reuters is reporting that China may buy up to 10 MMT of beans from Argentina and Uruguay this next year, with some 2.43 MMT of purchases already on the books. They bought 5 MMT from the two countries last year. The weather forecast looks dry into next week. A few rain chances are expected to dot the Midwest later next week. The beans would probably benefit from one more decent rain. Corn harvest continues to move north with good yields reported in the mid-South. A few more spots in Illinois will venture into corn yields next week. Both the S&P and the DOW finished at new record highs again yesterday. Futures for both are down slightly this morning. The grain trade awaits harvest yield data and news on any breakthrough with China on trade. The next USDA report is out on the 12th. Enjoy the long weekend.
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Ludlow Cooperative Elevator Company is a farmer-owned grain cooperative in east-central Illinois serving Ford, Iroquois, and Champaign counties.
Founded in 1904 in Ludlow, Illinois, the company now has eleven locations: Alonzo, Bryce, Buckley, Danforth, Fountain Creek, Goodwine, La Hogue, Ludlow, Paxton, and Piper City, with convenient access to rail and Interstate highways.
Ludlow Cooperative Elevator Company handles grain sales and marketing of corn, soybeans, and wheat including grain storage and conditioning. The company is located in an area that enjoys some of the richest farmland in the world. Learn more about Ludlow Co-op Elevator
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