Grain Exchange – 9/15/2020
Crop conditions fall again, 60% good/excellent on corn and 63% good/excellent on soybeans. Wisconsin corn is still strong at 78% (same as last week). Soybeans conditions in Wisconsin dropped from last week to 79%. Wisconsin soybean dropping leaves is at 25% and nationwide is at 37%.
This morning’s sales came out at 9.68 million bushels of soybeans and 5.19 million bushels of corn. This is not helping the markets stay positive. Weather is helping finish the crop without any unseen issues. The markets are watching weather conditions in South America for planting and growing. Brazil has seen 54% of normal precipitation and Argentina is at 45% precipitation.
Ethanol margins are still in the black by 10-15 cents per gallon. New Orleans closed the flood gates for the UP rail and are rerouting to Memphis short term due to Hurricane Sally. Corn harvest is on target at 5% completed.
Winter wheat planting is active in the US and parts of Russia are seeing an increased acreage planted.
Make sure offers are working, we have seen offers hit better at night trading than day trading. We still have options available for this fall. Make sure to review your sales and offers prior to harvest.
Happy harvest and look forward to seeing everyone this fall!