Grain > Commentary > 10-9-2020

10/9/2020

Oct 09, 2020

10/9/2020
Today was another wild day as the market kept the bull trend alive.  The USDA brought the bean carryout all the way down to 290 million, which seemed very friendly to the initial trade.  Beans traded up 32 on the initial reaction, then back to only up 6 in a matter of minutes, to finish back up 17.  They put bean exports up 75 million.  Bean yield was left unchanged at 51.9 bpa.  $10.00 cash bean orders filled today if you had orders working.  On the corn side it was a fairly neutral report.  Corn carryout was put at 2.167 billion carryout.  Corn yield was basically unchanged at 178.4 bpa.  Ethanol dropped 50 million and feed dropped 50 million.  Corn made a new high for the move today at 3.9825 December futures.  3.50 new crop orders filled today.  It still feels like corn is a follower here.  For the week corn was up 16 and beans were up 41.  Not bad for being in the middle of harvest.  Have a good and safe weekend!
 

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