Jan 20, 2021

Another day of corrective lower action and profit taking.  Overnight, corn finally filled the gap created a week ago and beans were deep in the red going into the morning break.  Prices snapped back off of their lows at the open with corn gaining back 6 cents and beans gaining back 10 cents within the first 10 minutes of trade.  The underlying support to these markets is impressive as prices improved throughout the day.  Our market correction was validated as we had some export business get stirred up today.  China is now interested in US corn through July and a bean cargo was sold on the PNW.  Some have raised their bean production estimates for Brazil with one firm increasing total production by 1.36 bln bu. (about .25 bu/ac).  There has been an on-going trucker strike in Argentina and it is reported that Brazilian truckers are set to strike Feb 1.  A potential strike during the ramp up of Brazil bean harvest would have an interesting effect on the market and would likely be friendly for US exports.  It is estimated that 70% of old crop corn and 92% of old crop beans in the US are sold.  Domestically, beans are starting to move in odd directions across the country that are rarely seen.  We are comfortable keeping the bin door shut on home run beans, if you have any.  For the time being, our futures targets remain in place. 

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