Today, December corn closed down 2 cents at $3.70 ¾ - up 2 cents for the week. November soybeans closed down 10 ¼ cents at $8.82 ¾ today, down 16 cents for the week.
An overall uneventful/disappointing end to the markets this week. Hot and dry weather last week met rainy forecast this week/into the weekend. Many expected the momentum in crude oil from the drone strike in Saudi Arabia over the weekend to pull through to the corn market, but that idea was short lived. Total corn export commitments as of 9/12 were 17% of the USDA projection – the normal pace for this time of year being 27%. The 8.65 MMT total in shipped and unshipped sales is the lowest since 2005/06 for the second week in the marketing year.
The China-US soybean trade talks continue to be on the stove, with Chinese trade negotiations coming to DC on Thursday ahead of higher-level talks expected to happen in October. Today, President Trump mentioned that Chinese purchases of US ag goods alone would not be enough to get a deal done. The August Looking at exports, the export sales report showed 19/20 bookings of 1.728 MMT, well above the top estimates of 1.1 MMT. The total of combined shipped and unshipped sales is at 23% of the USDA’s export projections for the full year compared to the average of 40%.
Be sure to tune in to this week’s podcast episode of the Bull Bean Banter for a special segment from Dr. Charles Hurburgh on grain quality.