Corn futures did close 1 to 2 cents lower today but were able to bounce off the $3.60 support level for the second day in a row. The 200-day moving average crosses near $3.60 for December corn, and it has been able to hold this week. The crop progress report showed corn ratings were held steady at 61% good to excellent. Harvest progress was estimated at 15% done versus the average of 16%. This was near market expectations. The extended weather forecast continues to call for dry conditions, which should support active harvest once the producer is ready to go. Cooler weather will likely prevent corn from drying down very fast in the field. The weekly ethanol report will be out tomorrow. No export announcements for corn were made today. Wheat futures closed slightly lower. Dry weather in Russia continues to support wheat futures. Russia is currently planting their winter wheat crop with the topsoil getting dry. There are rumors that Russia is considering export limits. The USDA will issue its quarterly stocks and small grains summery tomorrow. There will be a quarterly stocks estimate for corn and wheat as of Sept. 1st. The USDA will also release the final winter wheat production numbers.
BEANS
The quarterly stocks report showed September 1st soybean stocks 53 million bu. less than traders had expected and soybeans responded to the bullish figure with a strong rally. SX settled 30 ½ cents higher; SF added 30 ¼ cents. Commodity funds were buyers of an estimated 27,000 soybean contracts as of midday. Buying accelerated as SX and SF each traded over the 20 day moving averages. The USDA pegged September 1st soybean stocks at 523 million bu. vs. the September WASDE report of 575 million bu. This implies that 2020/21 ending stocks will decrease to near 400 million bu. and possibly lower when the October crop report is released as most analysts have been talking about a decrease in soybean yield in the next report. Weather in Brazil is becoming more closely watched as this September will be one of the driest in decades for central Brazil. Most producers in this region are waiting for rain to plant soybeans. Weather forecasts are indicating much better rain chances beginning late next week. FAS this morning flashed soybean sales of 215,000 MTs to unknown destinations. The weekly export sales report due tomorrow morning is expected to include soybean sales near 74 million bu.
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