1/11/2021

Tomorrow is report day and all our questions will be answered.  This is a very important report with a massive amount of risk as the markets have been doing nothing but trading higher.  Buckle in for the ride as you just never know whats going to happen.  Corn and beans were higher overnight, but turned lower instantly out of the coffee break.  The selling was most likely profit taking ahead of the report as the funds likely took some money off the table.  Beans traded as much as 15 lower at one point before someone bought the break once again.  The USDA announced two export sales this morning, 132,000 MT’s of soybeans to China and 108,000 MT’s of corn to Columbia. Tomorrow estimates for the report are as follows:  The final corn yield is estimated at 175.3, down about a half a bushel from Dec.  The final bean yield is estimated at 50.5, down .2 from Dec.  Corn stocks are estimated at 11.951 billion.  Bean stocks are estimated at 2.920 billion  Corn carryout is estimated at 1.599, down from 1.702 billion in Dec.  Bean carryout is estimated at 139 million, down from 175 million in Dec.  I am guessing we go back to trading Argentina weather after this report in which they got some rain over the weekend, but the forecast looks fairly dry.