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Commentary

Grain Commentary By Jeff Thatcher

Wednesday October 16th
 
Corn: -1 ½ to -1/4
 
The corn market had a quiet session that saw it end just slightly lower after trading lower most of the day.  December corn lost just over a penny on the day after trading nearly 6 cents lower at one point.  December 2020 corn was just fractionally lower today as corn spreads continue to weaken.  Wheat did help bring corn off its low as it closed 6 cents higher.  Corn demand remains concerning with yesterday’s inspection report showing just 18.5 million bushels of loadings.  Mexico remains the main importer of US corn with other countries all finding better values from other sources.  Funds were estimated as sellers of 3,000 corn contracts on the day. 
 
Soybeans: -6 to -2 ¼
 
After trading higher early in the session, soybeans fell under pressure and ended with a modest loss.  The nearby soybean contract ended the day cents lower while finishing near the low of the session.  New crop 2020 values fared somewhat better, losing just over 2 cents on the day.  Soybean products were mixed on the day with soybean oil able to eke out a small gain.  Very little fresh news on the “phase 1” trade agreement has been heard this week with more details not expected until next month.  Harvest progress has ramped up this week with weekend rains to slow the pace once again.  The weekly export sales report will be delayed until Friday due to Monday’s holiday.