Autumn Begins As We Move Closure To Harvest. The Corn & Ethanol Report

We started this first day of Fall and Turnaround Tuesday with Redbook YoY & MoM (19/SEP) at 7:55 A.M., Existing Home Sales MoM (JUL), Existing Home Sales (AUG), Fed Evans Speech, Richmond Fed Manufacturing Index (SEP) at 9:00 A.M. Fed Chair Powell Testimony at 9:30 A.M., 119-Day & 42-Day Bill Auction at 10:30 A.M., 2_Year Note Auction at 12:00 P.M., Cold Storage at 2:00 P.M., and API Energy Stocks at 3:30 P.M.

On the Hurricane front, Tropical Storm Beta is causing more disruptions with the slowly moving storm producing long rainfall from the middle of Texas and spreading to the shores of Louisiana, Mississippi, and Alabama, and the impact could not be worse in this busy season of activity. The National Hurricane Center is also tracking Disturbance 1 which has a low chance of Cyclone Formation and moving slowly through the Straits of Florida which we all hope will dissipate. Hurricane Teddy moving north-northwest at 22 knots, with the cone continuing to show it will bounce off the Maine coastline and veer to portions of Canada, with Watches and Warnings in effect for Novia Scotia, Prince Edwards Island, and Newfoundland. And finally, Paulette will hopefully diminish, and the U.S. coastline can finally catch a breath air… Let’s not forget our first responders fighting the fire in the U.S. Northwest. God Bless You people!

On the Corn front, the market sold off with anxious sellers worried about the Coronavirus or headlines about the banks which made funds move more quickly out of the grain complex. Fund selling made it easy for traders to cash in. Profits are great and these traders may will re-enter at cheaper prices. According to Ben Potter with Farm Progress the USDA had corn progress slower than expected. But seriously folks.. What else could go wrong? Nothing! In the heart of the CORNBELT heading into this harvesting season we see Illinois (4%) harvested., Indiana 5%, Iowa at 4%. And now we will look at quality... I do expect the export market to pick up, while it is to early to talk about this vote harvesting season. In the overnight electronic session, the December corn is currently trading at 371 which is 1 ¼ of a cent higher. The trading range has been 372 ½ to 365 ¾.

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