Morning Comments, October 12, 2020

Bradford plot harvest

Opening calls:

Corn 1 to 2 higher

Beans 1 to 3 lower

The overnight trade brought mixed results. Corn is slightly higher at the break and soybeans are down a bit. Friday’s WASDE from the USDA pushed corn to 12-month highs after they cut a million acres from planted and harvested corn acres. Many also expected the 2020/21 Ending Stocks to be slightly below 2 billion bushels. They did reduce the number to 2.167 billion vs. 2.5 previously. March corn futures are currently trading around $4.04. Analysts are indicating serious resistance around $4.10.

The WASDE also pushed prices higher for soybeans, with January futures up almost 18, and gaining 40 for the week. Ending stocks for 2020/21 are estimated at 290 million bushels, down from 460 previously. The harvest progress report is expected to show around 60% of U.S. soybean acres harvested as of Sunday. Brazil is 10 days to 2 weeks behind on planting, but their conditions have improved recently. They should ramp up quickly.

We continue to encourage offers for Harvest delivery and beyond. If you want to place an offer for now, for January, or March delivery, please let the Customer Service Specialist at your local Landus facility know. Or, contact your local Grain Marketing Advisor.