Morning Comments November 2, 2020

Harvest 4

Opening Calls:

Corn: 4 to 6 cents lower

Soybeans: 10 to 13 cents lower

Corn traded lower overnight after closing down 20 ¾ cents lower last week. The weakness in the macro markets weighed on the corn market last week, but export demand and South American weather should support prices after the election. Export sales through the week of October 22nd hit the largest single week of sales since January of 2008 at 88 mil bu. The USDA is expected to raise the export forecast in upcoming WASDE reports, which will translate to lower carryout estimates and put more pressure on producing corn in 2021. 

Soybeans traded lower on the week closing down 27 ¼ cents and continued the trend trading lower overnight. FAS reported that soybean exports set a marketing-year high of 99 mil bu but sales were at a marketing low of 59 mil bu. Profit-taking controlled the trade overnight, but Chinese export demand and South American weather concerns should support the soybean market through the early winter months.