Grain > Commentary > 9-17-2020

9/17/2020

Sep 17, 2020

9/17/2020
More sales were announced and the rumors still continue.  Grain markets broke lower about 7:00 am going into the coffee break with corn down 3 and beans down 5.  Then the 8:00 am announcements came out and confirmed some of yesterday's rumors.  264,000 MT of beans to China, 360,500 MT to Unknown, and then a dab of corn of 120,000 MT to Unknown.  Grains then battled back to near unchanged from the 8:30 open until 9:30 and then the fireworks began.  Corn put in a new high for the move as it follows beans at 3.77 December futures.  Beans put in another new high as well at 10.3225 November futures before closing about a nickel off the highs.  Selling picked up on both corn and beans today as corn hit 3.25 cash and beans broke the 9.50 cash level.  It is truly incredible how much power these funds have once they decide to play.  Just remember how fast they can change their mind.  Continue to make sales on the way up, so we don't miss the boat.  I am not sure I can say that enough at this point.  This is a risky business to say the least, so make sure you’re doing what’s best for your business. 
 

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