Oct 26, 2020

USDA announced sales of 135 mt soybean meal to Philippines and 120.7 mt soybeans to Unknown.  Brazil saw good rains over the weekend and initially had the market a little bit on edge.  There was also rain in Russia over the weekend along with needed rain in winter wheat country in the US, which had wheat on it heals all day as well.  Corn, beans, and wheat were all trading lower this morning, but once again someone was there to buy beans and defend their positions.  It still feels like we are close to a correction, but I have been saying that for a week now.  Weekly US soybean exports were impressive at 98 mil bu versus 85 last week and 58 last year. Season to date exports are near 527 mil bu versus 297 last year. USDA goal is 2,200 versus 1,676 last year.  Weekly US corn exports were at the low end of expectations at 25 mil bu. As I have mentioned before the corn program does not pick up until December, but continues to look promising.  Spreads continue to disappear on the corn as we near even money.  The bean carries are long gone.  Everyone wants the grain now and are not satisfied by the amount of corn movement off the combine. 

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