Feb 23, 2021

New crop corn and beans both made new highs today, but finished off those levels by 5-10 cents.  New crop beans were the popular item today being sold.  Old crop highs got within 13 cents on corn and 5 cents on beans, but there was little farmer movement of old crop today.  There was a combination of reasons we could have been higher today, but nothing major in my opinion happened.  The new crop futures continue to work to buy acres, which we need, especially soybeans.  The old crop futures continue to try and figure out where our actually supply is at and assume we will continue to see more demand.  Bean oil was the big winner today up over $1 and inching closer to $50.  South American weather remains an issue as Brazil remains too wet and Argentina remains too dry.  I am starting to see more and more thoughts of drought in Argentina.  So, another words were trading someone else’s weather and that is always volatile. As if we don't have enough fun happening in our own markets.  Buckle in and continue to scale up on new crop sales a little bit at a time.    

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