9/22/2020

About 3:00 am corn was trading down 3 and beans were down 10 as it looked like the correction was going to continue.  Then the markets rallied back into the coffee break with corn and beans trading slightly higher.  We got another round of decent export sales this morning.  Corn announcements were 140,000 MT to China and 320,000 MT to unknown destinations.  Bean announcements were 266,000 MT to China and 264,000 MT to unknown destinations.   That allowed the market to open higher on renewed optimism for continued exports.  Corn traded up 3 and beans traded up 15 at the highs in the first few minutes after the coffee break before trending lower the balance of the day and finishing in red figures.  Harvest progress will only continue to pick up from here and that will likely keep a lid on this market from here.  China remains the wild card with continued purchases.  The US dollar is up another 350 ticks today and is now trading at 94, up a full point in the last two days.  The Dow calmed down today and is up 100 points.  Wheat was the only bright spot today as Russia has some dryness concerns.