10/13/2020

We had one sale announcement this morning, which was 110,000 metric tons of corn to Mexico.  It felt a bit disappointing that there were no China sales announced as they came out of their holiday.  Corn and beans bounced some today after yesterday's correction, but I wouldn't be surprised to see a bit more of a correction to the downside.  The 10.20 futures area looks to be a short-term target area to the downside, with 9.80 longer term.  When the funds are this long and everyone is one side leaning bullish it seems to change in a hurry.  Like I said before be careful and expect lots of volatility thru the winter in the soybean market.  We will get harvest progress tonight as we are expecting beans at 59% harvested and corn at 39% harvested.  It’s going quick and weather looks like it will allow for more harvest to get completed.  It looks like we are in for a bit of a cool down for the next two weeks.