10/6/2020
Oct 06, 2020
The grain markets start out strong overnight and never looked back. The main talk is about Brazil be too dry heading into their planting season, which is putting them behind on their normal planting pace. This has been talked about a little bit, but now it’s getting more press and could become an issue. There were also rumor of more upcoming China bean purchases, so we will wait and see if that comes true. There was also another sale of 154,400 metric ton of beans to unknown this morning. Those three tidbits of news allowed beans to put in new highs at 10.5375 November futures. It was very impressive to see the market hold at that level for a while with all the sales being made this morning before fading back about a dime into the close. Corn once again feels like a follower, but it also put in a new high for the move at 3.8925 December futures. It is hard to believe we can rally like this in the middle of harvest especially with the USDA report upcoming this Friday. Maybe someone knows something we don't? I would still take advantage of this rally here and continue to scale up sales.