1/29/2021

Jan 29, 2021


1/29/2021
Another round of sales to China were announced this morning and it was a BIG one again!  2,108,000 metric tons of corn and 132,000 metric ton of new crop beans.  That is another 77 million bushels of corn making it a total of over 215 million bushels of corn announced to China for the week!  It also sounds like they may be back for more next week.  As I said before buckle in because anything can happen.  We had a 20-cent range in corn today and a 41-cent range in beans.  That is becoming a daily occurrence as of late.  We made new highs on corn today, but closed 6 cents below them.  The charts still look good.  For the week corn was up 47 and beans were up 59.  Weather in South America continues to be ‘good’ now that they have finally broken the drought cycle for much of the region between Argentina and Brazil.  I don't think I can repeat this enough...It is shaping up to be a very interesting year and a volatile one, so start setting pricing targets and goals.  Don’t allow your emotions to get in the way of those goals as these markets continue to have big swings.  This environment feels like the new norm for the balance of the year.  Have a good weekend!
 

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