Grain > Commentary > 9-8-2020

9/8/2020

Sep 08, 2020

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.
 

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9/12/2025
Sep 12, 2025
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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.