11/16/2020

Nov 16, 2020


11/16/2020
NOPA October soybean crush jumps to a record-high 185.245 million bushels, which is a massive number.  Beans were trading unchanged when that number came out and we managed to finish up a nickel.  There were no new export sales announced today, but China is rumored to be looking for April/May corn.  Rail freight has fell flat on its face the past couple weeks and has the nearby trading at slight unders.  The BNSF running 150 grain shuttles might have something to do with that.  Weekend rail performance was poor, so we will see what that means for values this week.  Grain bids on the rail have nearly disappeared for both corn and beans as new purchases have dried up as of late.  The exporter feels more than covered for the time being and waiting for that next round of business to show up before they try to buy more.  Farmer selling has really slowed down, which is getting the processors to start to perk their bids and become competitive with the export markets.  Corn and beans will be hard to buy the balance of this calendar year, so basis will likely continue to improve slowly.  There was another announcement by the U.S. pharmaceutical company Moderna that their Covid vaccine is ready and 94.5% effective, which is helping the outside markets as well today.
 

Read More News

Apr 24, 2024
Profit taking was the feature of corn and soybean trade after corn rallied 20 cents and soybeans rallied 46 cents over the past week.  Spread correction was also seen today with May price spreads widening back out 1-2...
Apr 23, 2024
After struggling a bit on the tail end of overnight trade, corn and soybeans traded steady higher and looked their most firm heading into today’s close. After chugging higher for a third consecutive day, we viewed some more...
Apr 22, 2024
Some really nice follow-through after Friday's recovery resulted in some key technical signals for trade. Each pullback throughout the day was met with some fast buying. Corn and soybeans followed wheat's lead. Wheat...