11/19/2020

Grain markets started the day down 5-10 cents on better than expected rains in Brazil, but managed to battle back by mid-morning.  It wouldn't have been a shocker to see a pullback as the markets have been on a roll, but as I have said before you just can't keep a good thing down.  This soybean market is definitely in that category at the moment.  Since month end beans have rallied 1.21 on the January contract.  Weekly US soybean export sales were near 1,387 mt of which 1,061 of that was China. Total commit is near 51.3 mmt versus 23.5 last year.  Weekly US corn export sales were near 1,090 mt of which 175 was China and Mexico was 244. Total commit is near 35.2 mmt versus 13.2 last year.  Both were slightly above expectations, but we expected big numbers none the less.  The Brazil and Argentina 7 days forecast calls for rains in the dry areas of south Brazil and north Argentina.  I would expect a quiet Friday in the markets tomorrow, but you never know.