Jan 28, 2021

Another wild day in the grain markets today.  We were higher overnight and broke out into new highs on the 8:30 open this morning, as we got another BIG round of export sales.  They announced another 1,700,000 metric tons of corn to China and 213,600 metric ton of corn to Unknown.  That makes it 3,740,000 metric tons of corn to China for the week!  If you do the math on that it equates to 137 MILLION bushels!  That’s a big number and from what I hear there was more done today.  That’s the good news.  The bad news is we finished the day unchanged on corn and down 21 cents in soybeans.  Meal felt like it led the way lower down 10 bucks.  Bean export sales for last week were at 466 mt versus 800-1,400 expected.  Corn export sales were at 1,850 mt versus 900-1,600 expected.  The volatility in this market is absolutely incredible and I don't see that changing for a while.  Beans had a 46 cent range and corn had a 21 cent range today.  There is getting to be more gut checks in a days time as the market continuously shakes the tree allowing nobody to get comfortable.  It never hurts to have orders working,  if there is a price you are comfortable with.  There will be more days like today where the market spikes up and then drop before you can even blink.  Do what is right for your business and make sales as we work higher.  Buckle in!

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