Sep 18, 2020
Due to the unknown of how that market is going to trade Sunday night we will not be purchasing grain after the close tonight. We can work a sell order if you would like, so give us a call if you would like to do that. Beans traded higher right out of the gate last night up 15 cents at the highs. At the coffee break they were up 9. We got a few small sales announced at 8:00 am. 210,000 MT of corn to China, 132,000 MT of beans to China, and 100,000 MT of meal to Unknown. On the 8:30 open beans traded all the way down to unchanged before battling back all day long and eventually putting in new highs once again at 10.4675 futures. This market feels like it is just trying to figure out a price that China is not willing to buy at the moment. How high do we need to get to stop the purchases from happening? The charts remain friendly. 10.50 Nov is likely a phycological resistance, but 10.80 is an area of interest on the charts. Wheat was an impressive leader today up 18 in Chicago. Are they expecting some wheat export sales now? Corn just continues to drag its feet and follow along. Harvest activity will likely pick up next week, which could put a little more pressure on. Have a good weekend!
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