Both locations will be closing at 7pm Tuesday, September 22nd. 

September 22nd, 2020

CORN

Corn closed slightly weaker today after trading on both sides of unchanged during the session. December corn was unable to trade above Monday’s high today, and ultimately faded into the close. The weekly crop progress report showed corn rated 61% good to excellent, up 1% from a week ago. The trade was expecting a steady rating, so this was deemed a little negative. Corn was estimated at 8% harvested versus the average of 10%. The Delta harvest is slowing again as TS Beta moves through this week. The rest of the corn belt is just getting started with an open window of weather seen this week. Rain chances do occur over the weekend, with some cooler air predicted in the extended forecast. Wheat futures were higher as world cash prices firm. Paris wheat futures hit a new five-month high today. Egypt bought 405,000 tons of Russian wheat for late November shipment. Wheat futures are watching dry weather in Argentina and the Black Sea region, which has been slightly supportive to futures. The USDA announced 140,000 tons of corn sold to China for 20/21, and 320,000 tons of corn sold to unknown in 20/21. The dollar was higher again today, with crude and equities recovering from yesterday’s weakness as well.

SOYBEANS

Soybeans finished weaker again today, but not before a 24-cent range in the November contract. Beans were initially weaker on lower overseas markets and steady ratings but bounced after another couple of sales flashes were seen this morning. Chinese ag futures were mostly lower last night, and Malaysian palm oil closed lower this morning as well. Both kept Chicago beans and bean oil weaker to start. Crop ratings for beans were held steady at 63% good to excellent. Bean harvest progress was estimated at 6% done, which is right on the average. Bean harvest is picking up this week across the Midwest with mostly dry conditions slated for the rest of this week. The USDA announced the sale of 266,000 tons of beans to China for 20/21 and a sale of 264,000 tons of beans to unknown destinations for 20/21. The weekly EIA report is out tomorrow, which will include the ethanol numbers.