Grain > Commentary > 1/13/2020

1/13/2020

Jan 13, 2020

Corn continued its move higher after the bearish to neutral report on Friday.  Nobody wants to believe the numbers.  Beans were lower today on Brazil rains over the weekend.  Wednesday still sounds like the day for the China Phase one deal to get signed.  Details remain lacking, but it sounds like beans, pork, DDG's, Ethanol, sorghum, and wheat are on the shopping list.  The quantities are yet to be determined.  I still think they buy where it’s cheapest, but there is always a chance for more good faith purchases.  I don't see any talks of China buying corn, which isn't a surprise because typically they don't like off quality specs.  The USDA did announce a sale of 137,000 tons of corn to South Korea today, but that is optional origin.  For what it is worth there is more #3 corn bids showing up on the rail, so that’s a good sight.  Let's hope we find more homes for light test weight and high fm, because once the North Dakota harvest starts again we are going to need more places to go with it.  I will leave you with a word of caution today…Make sure you are keeping a close eye on your bins this year.  Once this light corn starts to go out of condition it get exponentially worse in an instant.
 


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