Sep 24, 2020
There were no sale announcements this morning for the first time since September 2nd. The markets already felt defensive, but that just added fuel to the bears this morning. November futures finished the day right at the phycological 10.00 mark we talked about down 14 cents for the day. 9.80 November looks to be the next target as harvest pressure continues to pick up steam. The farmer still seems willing to sell beans over 9.00 across the scale. Corn finished the day down a nickel at 3.635 December futures. As I mentioned yesterday 3.60 is the 200-day moving average and remains the next target. Exports sales were great for both corn and beans this morning, but that was almost a given and didn't offer any support to the markets. There is no change in the weather at this point and that remains beneficial to harvest progress. Yields thus far remain at or slightly above expectations. Basis remains very strong as selling remains light and exports remain stout. The market wants the beans off the combine and so far, they are getting them. Corn will be a much tougher buy going forward as the farmer fills the bins and looks to pick up the carries.
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