9/24/2020

Sep 24, 2020


9/24/2020
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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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. 
Aug 12, 2025
The USDA report today didn't treat the corn market very well.  Both corn acres and yield were higher the result has corn carryout over 2.1 billion bushels.  Corn yield was pegged at 188.8 bpa vs an estimate of 184.29 bpa.  How high is 188.8?  Well…the previous record was 179.3.  Planted corn acres were put at 97.3 million.  Total corn production is estimated at 16.742 billion bushels, which is 763 million more than the report estimates.
May 12, 2025
News broke Sunday that the USA and China have agreed to ease tensions and lower tariffs.  The US is lowering tariffs on Chinese goods from 145% to 30%.  China is lowering their import tariffs from 125% to 10%.  Talks will resume in the coming weeks.  This news had stocks, grains and oil higher overnight. Then of course we had a USDA grain report come out at 11:00 this morning.  That was also a bit friendly.