Grain > Commentary > 9-16-2020

9/16/2020

Sep 16, 2020

9/16/2020
Overnight markets had corn and beans down 5-6 on the first couple hours of trade last night.  By the coffee break corn was unchanged and beans were up 6.  We got another bean sale announcement to China of 327,000 metric ton at 8:00 am.  Then rumor came out that China was going to purchase another 15-20 cargoes, which got the bean market to put in a new high up 21 cents at 10.1375.  Selling began to pick up from the farmer, but was still limited compared to last week’s volume.  It feels like we are searching for the top at the moment and I am not sure anyone knows where that’s going to be.  Early bean yields I have seen have been good and I would assume these early beans won't be our best yielding beans.  Continue to scale up sales and don't try and be a hero.  These markets can correct is a quick hurry.  Corn also traded higher today as they try and follow beans.  China remains the wild card in the corn market as well.  Will they buy more US corn and how much? 
 

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