Dec 07, 2020

Overnight markets had corn down 5 and beans down 10 on rain in South America, but the forecast going forward is not trend changing.  Weekly US soybean exports were near 84 mil bu versus 89 last week and 51 last year. Season to date exports are near 1,081 mil bu vs 638 last year.  About the time the export inspections were released the bean market battled and eventually got into green figures.  I still don't think the bean story is over, but December still doesn't look like a month where we will have to make new highs.  It feels like we are range bound for the time being.  Weekly US corn exports were near 29 mil bu versus 19 last year. Season to date exports are near 434 mil bu vs 257 last year.  We are just waiting for more new business to show up that shows China is still in need of US corn.  We do have a USDA report this Thursday, so keep your eye peeled for that.  I think corn and bean carryouts can continue to tighten, but I am not convinced that it will happen on this report.  As I said we might need another round of business before the USDA is willing to take that next step.

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