Grain > Commentary > 10-20-2020

10/20/2020

Oct 20, 2020

10/20/2020
Corn and beans made another move higher today.  We had another bean export sale announced this morning to Unknown in the amount of 132,000 metric ton.  It continues to be a daily occurrence to see sales.  There is more corn sales chattered about to China, so we wait for confirmations.  There seems to be more corn moving the last couple weeks, but the market still isn't satisfied.  I am hearing some big pushes already being paid by processors in Iowa and in the eastern belt on both corn and beans.  We are definitely in some interesting times and that is going to continue with the election right around the corner.  Spreads continue to be active and firm as the market tries to free up nearby bushels.  Corn harvest was pegged at 60% complete compared to 43% average. Soybean harvest is now 75% complete vs 58% average.  Trade expectations were closer to 79%.  Obviously, weather will slow us down from here as snow and cold doesn't help.  The 6-10 and 8-14 day forecast look cold and mainly dry, so hopefully progress can continue next week.  Remain buckled in as this market volatility is far from over. 
 

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9/12/2025
Sep 12, 2025
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8/21/2025
Aug 21, 2025
Today the market ran higher on rumors for positive SRE announcements coming soon.  Bean oil was up over $2.  Beans finished the day up 20 cents at 10.56 Nov futures.  There is a chance we could make a run at the 10.74 Nov highs from back in June.  If we get there, I am a seller.  Bean basis remains in the garbage, so a run higher in futures doesn't help that either.  We still don't have a trade deal, so I think any rally is short lived at this time. 
8/15/2025
Aug 15, 2025
Corn and beans both had nice gains heading into the weekend.  Corn might seem terrible as of late, but for corn to only be down 2 cents since report day is impressive.  That was one of the most bearish reports for corn we have seen in quite some time.  Corn finished the week 13 cents off its lows and unchanged for the week.  New crop corn basis has softened a little on the week as the extra 2 million acres and 8 bushels of yield from the report has also scared a few exporters off.