CORN

TGIF!!  The overnight markets were fractionally lower for corn.  Around 7 am, corn was down less than 1 cent.  Overnight prices were again quietly lower.  Prices quietly traded lower early in the day session, pushed higher near midday, but weakened into the close.  Corn finished down 2 cents, in a 5 cent range.  For the week, December corn was up 2 cents.  The 7 day weather models still look wet for most of the E. Corn Belt and S. Plains.  Informa released their first 2020 acreage estimates late yesterday.  They see corn acres at 95.1 million with yields at 178 bpa, which is close to trendline.  That would make production 15.64 billion bushels of corn, compared to 13.79 billion from this year's numbers from this month's USDA report.  Technically, December corn found some resistance at $3.75 and failed to push through it.  Corn managed to closed above the 20 day moving average and some chartists see a 'bull flag' forming. Corn spreads were steady.  Cash basis levels were weaker around the Midwest as harvest slowly starts.  US equity markets were lower, with the US Dollar higher.  Energy markets were slightly lower, and precious metals were higher.  Funds were net sellers of about 6000 corn contracts today.  The COT report showed that funds are now net short about 168,000 contracts of corn as of today. 

SOYBEANS

Soybean prices were lower overnight.  Bean prices quietly traded both sides overnight.  The day session saw prices start lower and push double losses near the close.   Beans finished the day down 9-10 cents, in a 13 cent range. For the week, November beans were down 16 cents.  Longer term weather models still look warmer and wetter than normal going into the first week of October.  Informa's 2020 acreage estimate came out at 84.2 million acres.  Yield is estimated at 51.4 bpa, with total production at 3.285 billion bushels.  Hurricane Jerry has weakened slightly but is still a CAT 1. It is expected to turn North and hit Bermuda the middle of next week.  Reuters announced that a Chinese trade delegation cancelled its trips to Montana and Nebraska farms, and that really helped beans push lower.  Midday weather models show good rains across Illinois this weekend.  Livestock markets were mostly lower after the Chinese announcements as traders were expecting them to purchase some pork to replace the large herd losses from ASF.  Bean spreads were weaker.  Cash basis levels were slightly weaker around the Midwest.  The soybean complex was lower.  Funds were net sellers of about 6000 contracts of beans, 2000 bean meal, and 6000 bean oil contracts.  The COT report showed that funds are now net short about 49,000 contracts of soybeans as of today. 

FYI!!  If you have any new farms or changes to farm names and info that needs to be entered in the computer system, now would be a great time to come in and get it taken care of before harvest gets underway.