Corn: 1 to 2 higher
Beans: 8 to 10 higher
Corn traded steady to slightly higher overnight, after closing 3 cents lower yesterday, with December futures ending at $3.98 1/2. U.S. corn export sales last week were at a new marketing year high at 2.244 million metric tons (mmt), or 88.3 million bushels. That was well above the market expectations of 700,000 mt to 1.5 mmt. Export demand and South American weather are still continuing to support prices.
Soybeans closed lower yesterday as traders continue to liquidate their long position going into the election next week. Export sales have been solid and it is likely that the USDA will increase their export estimate in the November WASDE report. U.S. soybean sales last week were within the market expectations at 1.621 mmt (59.5 million bu.), but were down from the previous week and at a marketing-year low. Brazilian President Bolsonaro said the country is now importing soybeans, which confirmed rumors from earlier this week.
We continue to encourage offers during these volatile times. Whether you have bushels in the elevator or bushels in your bin, getting some sales on the books for January forward would be a good idea, especially on soybeans, with an inverse showing in futures and cash prices. Corn prices are currently showing a little more carry to March, May, and July, with December futures being pushed down more than those subsequent futures months. If/when corn rallies again, we would expect December futures to rally more than the further out months. Now, is a good time to lock in that carry, by selling in the deferred months. Call your local Grain Marketing Advisor for more details.