Morning Comments October 23, 2020

Sillouette Harvest Sunset

Opening Calls:

Corn: 1 to 2 higher

Beans: steady/mixed

The corn market continued to rally yesterday, again reaching market highs with the December contract closing 2 1/2 higher at $4.16 1/4. Corn traded steady to a little higher overnight and into this morning. Traders continue to watch the weather in South America and export sales continue to be strong. U.S. corn sales continue to pull the market higher with last week’s sales at 72.1 million bushels, well above market expectations. Bulls look to the U.S. having the cheapest corn in the world, however, bears will continue to keep an eye on the rise in COVID infections and how it will affect the energy markets, like ethanol and crude oil.

Soybeans also rallied again yesterday, reaching new market highs, but fell back at the end of the day with the January contract closing at $10.72 1/4. U.S. soybean sales last week were 81.8 million bushels, which were within market expectations, but well ahead of last years sales at this time. Traders will continue to watch the weather forecast in South America and we will need to see additional sales in exports to continue supporting a rally.

Continue to put your offers in, whether that is for bushels in the elevator or in your own bin. We’ll consider all offers for any delivery period between now and next fall.