Sep 10, 2020
Another export sale of 195,00 MT of soybeans to China for 2020/21 was announced this morning. Demand just keeps coming, now we just need to make sure we can execute on all these sales. The BNSF has a heavy task ahead of them in a year that has been nothing but struggles. Beans posted their sixth consecutive day of a higher highs and higher lows, which is impressive to say the least heading into a report. Beans did however close lower today for the first time in the past 13 sessions, even though it was only down a penny. 9.8275 November futures remains the target. Like I said yesterday, tomorrow could be a very dangerous risk/reward report for this soybean market. Be careful and have orders working where you feel comfortable. Corn made a new high for the move as we traded and closed over the 3.63 Dec level for the first time on this move. That opens the door to 3.75 - 3.80 Dec. Demand remains a bullish story with corn as well. An article put out last night said China has currently bought 10 mmt thus far and may need up to 30 mmt. That is obviously not all US corn, but that’s a big number. If half of that is US it would still be a friendly scenario. Tomorrow at 11:00 AM we will have the answers, so strap in those seatbelts.
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