Nov 18, 2020
We did have an export sale announcement this morning, which was 140,000 tons of corn to Unknown. That is not the rumored China confirmations we were looking for. Corn and beans both made new highs today on continued export optimism and continued managed money buying. Corn made a double top at 4.28 December futures before fading slightly into the close and finishing up a nickel on the day. Beans traded all the way up to a tick short of 11.90 futures as we seemed poised to get to the 12.00 mark this week. This market could continue to move higher especially soybeans, but I think it is important to take a look at current levels (both old and new crop) and make sure you get something covered. This is a dream come true and I am guessing the bankers would also be happy to see some sales on the books at current levels. There are a number of unknowns driving this market and nothing is written in stone. The main unknown factors I speak of are Covid, SA weather, China and overall demand. Anyone of these could be a game changer at any point in time with a single headline. Be careful and weigh risk vs reward as you operate your individual business plans.
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