Oct 27, 2020
Corn harvested was at 72% complete last night vs 60% last week and a 5 year average of 56%. Soybeans harvested was at 83% complete vs 75% last week and a 5 year average of 73%. There is talk that some Managed funds may be looking to reduce some of their net longs in grain and oilseed futures before the US election. US stock market is back near key support. Beans had a key reversal today making new highs and finishing lower. We will see how we respond to that tomorrow. Corn also made a new high for the move today at 4.22 futures and finished lower. This might be the start of the correction I have been preaching about. We did not have any sales announcements this morning. China talk on corn exports remains stout and the basis and spreads are telling that story. We are definitely in some very interesting times, so continue to do what is right for your business operation and don't try to swing for the fence with all of it. I am still a seller here to take some risk off the table. For those of you with corn in the bin, I know there is no carry in the futures anymore, but at the moment basis will pay that premium this year as we get into Jan, Feb, Mar, and April. If you have any questions on strategy with bushels at home feel free to call me. Thanks!
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