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.