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Saturday, Sept. 21, 7 a.m. to 7 p.m.
Sunday, Sept. 22, TBD upon weather

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Closing Market Comments

9.20.2019
 

CORN

    Corn closed 2-3 cents lower in a 4-cent trading range. Funds were light buyers as of mid-day but held an estimated short position of 114,000 contracts to start the day. CZ gained 2 cents for the week, and it felt that slow too. Crude rallied $3 this week after a sharp spike Monday on Saudi issues which slowly waned as the week progressed. Weekly ethanol report showed week on week production down 2%. Weekly export sales a bright spot at 57.7 mln. bu. with Mexico remaining a solid buyer. News this week has revolved around weather and China, as usual. U.S. weather forecasts call for above normal temps, basically through December – not a bad forecast for late maturing corn. Active corn harvest is located in the southern states, and KS through KY/TN. Heavy rain in KS and MO this weekend will halt harvest progress. Low water continues to slow logistics on the Lower Miss River and the precip forecast should help alleviate this to some extent. While news on China trade has more impact on soybeans than corn, the news today that China would forgo a trip to U.S. farms during their current visit was viewed as negative today for beans with that weakness leaking into corn.

 

 

 BEANS


  Soybeans closed 9-10 cents lower in a 13-cent trading range. Funds were sellers of 2,000 contracts at mid-day and held and estimated short position of 73,000 contracts to start the day. SX fell 16 cents this week. News that Chinese trade group would not visit U.S. farms during their current visit was not viewed positively and beans faltered today (as did the DOW) as a result (wonder how disappointed those farmers are not to have Chinese visitors considering disease issues in China?) ASF was found in S. Korea and Russia this week. Concern of soybean usage by China in the upcoming year due to lower hog production, trade concerns, and China continuing to source S. American supplies weighs on futures. Brazil is on the dry side but expected to improve in October, Argentina may increase taxes on bean exports, but this is not confirmed. U.S. weekly export sales at 63.5 mln. bu. the one positive this week.


 
  

 


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Local Radar
Assumption, IL
Chg Zip Code: 
 
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Local Forecast
Assumption, IL
Chg Zip:

Saturday

Sunday

Monday

Tuesday

Wednesday
High: 81°F
Low: 72°F
Precip: 54%
High: 80°F
Low: 67°F
Precip: 60%
High: 76°F
Low: 59°F
Precip: 20%
High: 77°F
Low: 57°F
Precip: 0%
High: 80°F
Low: 65°F
Precip: 62%
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Local Conditions
Assumption, IL
Chg Zip Code: 
Temp: 77oF Feels Like: 78oF
Humid: 85% Dew Pt: 72oF
Barom: 30.05 Wind Dir: SSE
Cond: N/A Wind Spd: 6 mph
Sunrise: 6:43 Sunset: 6:56
As reported at TAYLORVILLE, IL at 7:00 PM
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