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.