Morning Comments, October 19, 2020

Harvest 3

Opening Calls:

Corn: 2 to 3 higher

Beans: 4 to 6 higher

Good Morning. Corn traded higher overnight and into this morning after Friday’s December contract closed 1 3/4 lower at $4.02. Corn is receiving some support from the wheat market as December wheat made new contract highs. U.S. corn export sales announced Friday at 25.8 million bu. - they were significantly lower than the previous weeks 48.3 million, however the likelihood that export demand will continue to increase is giving support to the market. Bulls continue to watch increased corn prices in Brazil, Argentina, and Ukraine as well as the La Nina weather pattern that could affect the Argentine crop.

The soybean market also traded higher overnight following a lower close Friday after making new weekly highs earlier in the day. Export sales to China continue to be strong with 23.7 million metric tons of new sales on the books vs 5.6 million metric tons for the same week, last year. U.S. export sales continue to be strong and bulls point to the South America soybean prices increasing with planting delays and concerns of crop damage from La Nina.

Keep putting in those offers. We had some $10 cash soybean offers trigger during the night. Just let one of us know what you’re trying to accomplish, and we’ll get your offer in the system. Thanks