9/2/2020
Sep 02, 2020
A farmer survey conducted by agricultural commodity brokerage and analysis firm Allendale Inc forecast the U.S. 2020 corn yield at 178.28 bushels per acre. Their soybean forecast of 2020 U.S. soybean yield was at 51.93 bushels per acre. That would be neutral corn and bearish beans in my opinion. I think the market is trading something closer to 50-51 bpa on beans at the moment. There were no export sales announced this morning, but the market still finished in green figures for the day after trading 4-9 lower again overnight. The money is still buyers in the day sessions, but it's starting to feel a bit top heavy at this point. 9.82 Nov is definitely still in the cards, but we might need a bit of a spark on the USDA report next Friday to get that next push higher. I would continue to scale up sales into this market starting here just so we don’t miss out on this rally. There were some more rumors of beans being sold off the PNW today, which is likely why beans finished at our best close for the move. Corn resistance remains 3.63 Dec futures, with 3.75 possibly in the cards. I am a scale up seller there as well. 3.10 might not sound like a great sale, but it's a whole lot better than 2.70! A base hit is better than a strikeout in a game where home runs are hard to hit in the year of 2020.