Commodities are lower this morning as harvest is now widespread across the corn-belt with clear weather. Corn is down 4 and soybeans are down 13 to begin the day. We will watch to see if the CZ18 market can close above the 100 day moving average of 3.7175 today which it has for the past 3 days.
Weekly export sales were light for both corn and soybeans. Corn was reported at 15 million bushel which is about ½ of the ten week average. Soybean sales came in at 10.8 million bushels which is 8 million below the ten week average.
Both China and the US said a meeting regarding tariffs at the G20 summit in November may not happen. This may push the technical traders back to the bearish side until this meeting is officially happens. Increased exports to Argentina are not happening as logistics in Argentina are unable to handle additional volume.
Didion is still buying spot and contract corn for October or November delivery, but as harvest progresses this may not be the case. If you are going to need to move additional bushels this fall I would suggest making cash sales or basis sales ASAP. I would not be surprised to see basis to widen in the next week or two.
Have a Safe Day!