9/15/2020

Beans failed to make a new high today for the first time in what feels like forever.  We are overdue for a correction in the bean market as the market feels over bought for now.  The question now is if this a one-day correction or a couple week correction?  I am not ready to write off this bean rally just yet and say it’s over because export business remains stellar.  We had some more sales announcements this morning.  132,000 metric tons of soybeans for delivery to China, 132,000 metric tons of soybeans for delivery to unknown, and 120,000 metric tons of corn for delivery to unknown.  There are a couple bearish factors however at the moment which include more covid headlines, the August crush was less than expected, and harvest is fast approaching which should add some pressure.  Politics are also starting to get more headlines as of late so that is always dangerous especially in an election year.  Hearing some may be rolling with some early beans, but for the most part were 10 days away yet.  I would keep selling into this bean market and continue to scale up if you are under sold.  We are still only 17 cents off the highs.