Dec 23, 2020
Reminder that GPC is closed both Thursday and Friday for Christmas. There are markets until noon tomorrow, so if you would like to have an order working please call us by 4:30 today. Beans continued the rally today as we once again put in new highs for the move. Beans seem destined for the teens as the money continues to show up to buy beans and the path of least resistance is up. Heard a rumor today of 3 cargoes of beans to China, but have not seen a confirmation. Bean bids have not changed to the PNW that I have heard of. Spreads did firm back up as we near even money again thru May, so it makes sense a sale could have took place. We are in rationing mode on beans and if we are still selling beans at current levels, we have more work to do. It's pretty much that simple at the moment. South American weather is about the one thing that can slow us down, but right now that remains friendly as well. Corn remains along for the ride as we put in a new high there as well today nearly touching 4.50 March futures. There is more corn moving than beans, but selling has slowed as everyone remains bullish. Just a word of caution that this is a bean story more so than corn, so some sales here are a good idea. Both old and new. Have a Merry Christmas!!!
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