Nov 17, 2020

USDA announced a sale of 195 mt US corn to Mexico. Still no new US corn or soybean sales to China despite rumors of them buying both corn and beans as of late.  Corn was rumored of 500,000 MT out of the gulf yesterday, but nothing got confirmed.  Corn bids on the rail have disappeared as freight fell apart and are still not very well defined today.  Processors continue to improve basis locally as new corn movement likely won’t happen until the winter months.  Corn support today came from the firm soybeans market and Brazil weather concerns for the safrinha planting which begins after soy harvest.  Beans are the story at the moment and will be for a while as a 190 million carryout is tight and that might be getting tighter by the day.  We are in rationing mode and higher prices may be needed if this carryout or less is realized.  US corn harvest this past week moved to 95% complete, while bean harvest is now at 96% complete.  For those of you with corn HTA's left in the Dec we are running out of time and the spread is tightening back up as the board moves higher.  For those of you with corn basis contracts under the Dec you are also running out time, but the spread tightening is working in your favor.  We have until the Nov 25th to get the Dec futures cleaned up.

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