Jan 22, 2021
Not a good day in the grain markets today as the money bails out in a massive way. Overnight markets were down on news that Boris Johnson says there is some evidence of the new Covid variant in the UK may be more deadly. Then we had some more sales announced this morning along with great export numbers and it felt like we were going to work our way back to unchanged like the previous day’s trade. Then boom the unthinkable happened....Corn touched limit lower at one point and finished down 24 and beans traded down 65 at one point and finished down 58. So, what happened, that’s the only question I am getting today. Well, first off, we needed a correction, so this is healthy, I think. The timing and no solid reason make it a bit of a surprise. It's the markets job to keep everyone nervous and on their toes and it is safe to say it's doing a good job of that today! The other bits of negative news today is that African Swine fever is back in parts of China as they found it in over 1,000 sows so far. There is more rain forecasted for Argentina early next week, which should complement the rains they had last weekend. Next week will be an interesting one to see if this correction is over and the market is now satisfied or does it continue. 5.00 corn and 13.00 bean futures might be enough to satisfy a correction. Buckle in!
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