11/23/2020

Nov 23, 2020


11/23/2020
We have been talking about 12.00 Beans on the nearby futures for a while now and we finally hit that number in last night's overnight trading hours.  Renewed buying interest was sparking by spotty/scattered rainfalls in South America, as well as, a forecast that looks dryer than average in December and prospects of an ever-tightening carry out.  Soybean inspections were outstanding again this week. This is the 8th straight week with inspections topping 2 million tons. Inspections are ahead of the USDA pace by a staggering 397 million bushels.  The short-term pattern developing seems to be these rallies are met with some profit taking on the short side.  With a short holiday trading week with light volume you just never know.  All things considered, we should continue to grind higher on the beans if the weather in South America stays dry; 12.08 is our next target number, then 12.45.  We had a nice sized sale announcement in corn this morning of 334,000 metric tons.  As of late, there's still not much buzz around the corn market right now and it still feels like the corn rally is to make sure it is buying acres for next year.  China rumors from last week still have not been confirmed.  Don't be afraid to lock in some new crop corn for 2021 for over 4.00 futures, if this market turns a bit bearish on us.
 

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