Corn and soybeans are both up 2 to start the day as we look to end the first week in over a month with lower prices. The markets have had a nice rally starting in the middle of August and recently topping out last Friday. Harvest pressure and outside market concern had traders taking risk off this week in all markets.
The next two weeks will see harvest progress move along very quickly. By next Friday there will be a lot of soybeans cut, and some corn. Harvest progress on Monday should be 15 plus percent for corn and 15-20 percent for beans.
The US weather will remain mostly clear for the next two weeks There is a small storm system setting up for the 27-29th of September, but amounts will be pretty light. Temps will move to freezing levels in the Northern grain belt the middle of next week, which actually will aid harvest.
Exports were massive again this week, and the market not only failed to react positive, but sold off on the news. Most feel China has bought most of what they want for now. There has been so much corn and beans booked, I’m not sure we can even meet their needs and ship this amount on a timely basis. China is also going to be on holiday starting the first week of October, which could put some weakness into the beans market with a lack of purchases while many trades will be out.
Have a Safe Day!