Grain Exchange – 10/27/2020
Markets take a tumble into the red today. After rallying the last few days grains ended the day lower with some profit taking and technical selling. Wet weather is expected in the lower Midwest later this week. Warm weather is due to set in between November 3rd and 9th.
Corn prices closed lower after some technical selling and profit taking. Prices still remain near 14 months high. December futures were down two cents at the close. Corn harvest is 72% complete compared to 56% five-year average. China continues to buy U.S. corn. Interest in U.S. corn by South Korea, Taiwan and Iran has been surfacing.
Beans followed corn lower losing about 0.5%. Soybeans are 83% harvested compared to 5-year average of 73%. China continues to buy U.S. beans. In nine of the last 13 marketing years beans hit $11 and then eventually $12. What are our chances to move beans to that level? We would need a reduction in yield, increased China exports and some weather issues in South America. For now, I think we should be happy with $10 beans.
Wheat closed lower today as well. Precipitation this week has helped some of the dry areas. Winter wheat is 85% planted compared to 77% a week ago.
Prices are at a level we have not seen in a while, reach out to you Grain Market Specialist to guide you with some marketing goals.
Remember Landmark’s harvest hours are in full swing at ALL GRAIN LOCATIONS.
- Mon-Sat 7:30 AM – 7:30 PM
- Sun 10:00 Am – 6:00 PM
Keep the Faith and Stay Safe.