Jan 25, 2021
The overnight market started lower as Friday's major sell off continued initially with corn down 7 and beans down 13 at one point early. This may have been the correction we needed getting corn to under $5.00 and beans to under $13.00 futures. Most of the selling in recent days has now been blamed on Chinese hedge funds liquidating long positions before the Lunar New Year. Rumor has it again that China was back in the market for corn and beans today and from the calls I was getting from the exporter I think it happened. There have been harvest delays in Brazil due to continued rains which are causing concerns for export delays, which may have been part of the reason for China being back for US grains. The other reason is obviously the recent break in the prices. Who wouldn't want to buy beans $1.25 or so off the highs, especially when you have been in the market for them all along? If export business picks back up off this break I am thinking the market is willing to get most of these recent losses back.
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