1/21/2021

Today was a very quiet day as the markets were higher on the overnight, but faded back near unchanged out of the coffee break this morning.  More business got done overnight, but the markets didn't seem to care.  More old crop beans too which surprised me a bit.  136,000 mt of soybeans to China 20/21, 163,290 mt of soybeans to Mexico 20/21, 336,500 mt of corn to unknown 20/21, and 138,000 mt of HRW wheat to Nigeria for 21/22.  Corn and bean bids remain strong out in April, May, June, July.  The front end remains weak as there is enough grain moving to cover the markets needs thru March.  In Brazil, conditions are still be mostly good for crops. There are a few exceptions including northeastern areas that will continue to be too dry, especially from central Minas Gerais through Bahia. In Argentina, rain is still likely to increase in the nation this weekend and especially Monday and Tuesday of next week. The rain will provide some relief from this week’s heat and dryness.  There is definitely some damage that is done, but the rain helps for those crops in pollination stage.  Informa was out today and had corn at 94.244 million acres vs 90.819 last year, soybeans acres at 90.08 million vs 83.084 last year, and other sp wheat 11.490 million vs 12.25 last year.  That gives a you something to think about heading into March intentions.