11/30/2020

Month end is upon us and fund liquidation and profit taking was in full swing.  A wetter South American forecast is also to blame as it looks like this correction could last a bit longer on that note.  We are due for a correction as we just can't seem to push into new highs on both corn and beans.  The USDA announced the sale of a total of 344,000 MT’s of corn to “unknown” this morning.  Most are assuming that is China, but you never know.  March corn is about 3 cents off the recent lows, which should be support.  Jan beans are about 30 cents from nearby support.  I wouldn't rule out trying to trade down there, but overall, I remain optimistic the markets.  December could be a tough month to get much going if South America's weather improves.  I think Jan, Feb, March will have better opportunities as we get the corn export program into full swing.  By then we will also be getting a better idea of US planting intentions as well.