9/8/2020

Corn and beans came out of long weekend higher on the overnight session before faltering into the coffee break.  Then the USDA announced 400,000 tons of beans to China, another 264,000 tons of beans to China, and 101,600 tons of corn to Unknown.  That got the markets to bounce instantly on the 8:30 am open and traded higher most of the day.  Beans made a new high for the move last night at 9.77 futures, but never traded that high again during the day session.  9.82 Nov futures remains the target.  I hope we can get there this week ahead of the report.  I would have orders working.  Corn traded over 3.63 for a short period of time, but once again finished below that level.  Tonight, we will get the updated crop ratings.  Not sure they matter much anymore due to the crops being mature, but U.S. corn is seen down 1% at 61% good-to-excellent and beans seen down 2% at 64%.  We will get that answer at 3:00 pm today.  Friday is the USDA crop report at 11 am.  Estimates have corn yield at 178.3 bpa and bean yield at 51.8 bpa.  Outside markets were ugly again today and it feels like eventually that could bleed over into the grains once we get this report out of the way if it is not too bullish.  The Dow was down over 500 points again today.  Crude oil was down about 3 bucks.