Nov 11, 2020

Today's market seemed to relax a bit after yesterday's USDA report surprises.  Corn settled back lower on the day down 6 after putting in new highs overnight.  Corn spreads are finally indicating that the export market does not want corn until January, February and March.  December to March corn is now back at a 9.5 cent carry which is a far cry from the slight inverse we were trading just two weeks ago.  December to July is now out to almost 15 cents.  Those of you needing to roll HTA's this is a great opportunity.  Those of you with December basis contracts might want to price that out before the November 25th deadline, because rolling them now does not look attractive.  Beans made new highs overnight up 16 cents before slightly fading and finishing up 6 cents.  The 190 million carryout continues to catch the bull’s eye and many are thinking that is still too high.  Farmer selling was non-existent today after yesterday’s busy day.  Corn seems to be locked away until the winter and springs months now, which is understandable as the board and basis continue to improve almost daily.  Beans are even harder to buy as the majority of them already got sold off the combine.  Beans continue to feel like they are going to work toward 12.00 futures.

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