9/28/2020

Corn tested support this morning down 4 cents at 3.60 futures before doing a full reversal and trading up a nickel at one-point late morning.  We did have some sales announced this morning of 207,140 metric ton of corn to Unknown, 110,800 metric ton of corn to Japan, and 218,300 metric ton of beans to Unknown.  We traded lower off that news initially, but as I mentioned corn bounced back.  Beans did finish down 6 cents on the day as harvest pressure continues to take its toll.  Beans are now 50 cents off last week’s highs.  Yields continue to come in about as expected on average.  Wednesday is the September stocks report, so be ready for that.  Corn harvest is expected to be 15-17%, compared to 8% last week, and soybean harvest is expected to be 16-18% done vs. 8% last week.  We will get that answer at 3:00 this afternoon.  Forecasts through the 14-day look to remain great for harvest activity, which should keep on lid on these markets for now.