Sep 14, 2020
Beans made new high overnight at 10.0875 futures, but were unable to match those highs in the day session. We had another great round of sale announcements this morning. 350,000 metric tons of corn for delivery to China, 106,000 metric tons of corn for delivery to Japan, 129,000 metric tons of soybeans for delivery to China, and 318,000 metric tons of soybeans for delivery to unknown. That is quite the list again and we will take it! Managed funds are now net long 55,000 corn and 199,000 soybean contracts. Weekly export sales were great once again for corn and beans, which we already knew. Debate continues about if China needs these sales or adding to reserve in case US and China relations sour. Crop ratings were out at 3:00 with corn down 1% at 60% good to excellent. Beans were down 2% at 63% good to excellent. The plant is supposed to be dying now remember, just saying. It still feels like the right thing to do is scale up selling, because one never knows when we top out and I sure don’t want to miss out on this opportunity with soybeans. This is a dream type level only a month ago, now it is reality.
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