11/12/2020

Today was a correction day in Chicago as futures came down from their new highs on Wednesday and the nearby corn returned to their pre-WASDE report price levels.  What we mainly see right now is speculators and funds taking this opportunity for profit taking to liquidate some of their long positions.  Funds are currently estimated long contracts 340,000 of corn and 280,000 of soybeans alone.  New sale announcements have been quiet lately and the bulls need to be fed daily.  Covid headlines continue to be worrisome as a national shutdown continues to be talked about.  Farmer selling was fairly quiet again today, which is not a surprise as the charts and fundamentals still look well supported.  The market cannot go up every day even in a bull market.  Tomorrow we will get export sale numbers at 7:30 am, but I would expect another quiet day.