Grain Exchange – 9/1/2020
Will September be as kind to the markets as August? For the month of August, December corn was up 30 ¾ cents, November beans up 61 cents and December wheat up 13 ½ cents. The market is giving some opportunity to get some bushels priced.
The corn market is trading slightly lower this morning. Crop conditions declined to 62% as expected by the trade. Private estimates for corn yield are coming in 2-4 bu below previous estimates. Ethanol margins remain steady at 5 – 9 cents in the green. The heat and lack of moisture continues to speed corn development. China continues to purchase corn, USDA announced that China bought 92.6 billion bushels for 2020/21 delivery.
Soybeans are trading higher, with more China interest is helping move the needle higher. Private yield estimates are down from August reports, ranging from 52.9 to 51.0. Soybeans were downgraded in yesterday’s report to 66% good to excellent. The majority of acres across the country finished setting pods during the heat wave, which could lead to lowered yield potential for the 2020 harvest. Reports of pods aborting in the hot and dry weather increased over the past week.
Wheat is higher today with reports of Chinese interest. Reports are mixed on world wheat production with Russia and Canada numbers getting larger.
The market is giving us an opportunity to sell some grain, so talk to your Grain Marketing Specialist to get your bushels priced and continue to build a marketing plan going forward. We are here to help you.
Have a great day!