Grain > Commentary > 9-21-2020

9/21/2020

Sep 21, 2020

9/21/2020
Today was correction day.  Corn and beans traded slightly lower on the overnight, but trended lower the entire day.  It feels like this correction was overdue and a setback here is rather healthy for the markets.  $10.00 November futures is likely in the cards this week as we will see our first real week of harvest pressure.  Weather looks ideal for harvest for the next 14 days as we remain above normal on temps and below normal on moisture.  The 3:00 ratings had corn up 1% good to excellent and beans unchanged.  Corn is 8% harvested and beans are 6% harvested.  The USDA announced 132 mt US soybean to China, 171 mt US soybean to unknown and 132 mt US soybean to Pakistan. The Dow was down nearly 1,000 points at the time of the grains close, but has closed down 500. 
 

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9/12/2025
Sep 12, 2025
USDA report day.  Corn and beans were trading higher pre-report on thoughts of a reduction to yields.  Well....we got what we were thinking but the USDA decided to throw a twist into the mix.  The 25/26 corn yield decreased slightly less than expected by 2.1 bu to 186.7 bpa, but they gave us the largest planted acreage shift on this report in at least the last 20 years (+1.4 mil acres) spurred an increase in production to 16,814 mbu.  25/26 ending stocks were slightly lowered by 7 mbu to 2,110 mbu. 
8/21/2025
Aug 21, 2025
Today the market ran higher on rumors for positive SRE announcements coming soon.  Bean oil was up over $2.  Beans finished the day up 20 cents at 10.56 Nov futures.  There is a chance we could make a run at the 10.74 Nov highs from back in June.  If we get there, I am a seller.  Bean basis remains in the garbage, so a run higher in futures doesn't help that either.  We still don't have a trade deal, so I think any rally is short lived at this time. 
8/15/2025
Aug 15, 2025
Corn and beans both had nice gains heading into the weekend.  Corn might seem terrible as of late, but for corn to only be down 2 cents since report day is impressive.  That was one of the most bearish reports for corn we have seen in quite some time.  Corn finished the week 13 cents off its lows and unchanged for the week.  New crop corn basis has softened a little on the week as the extra 2 million acres and 8 bushels of yield from the report has also scared a few exporters off.