Good Morning! .Higher markets this morning following three days of fund liquidation and lower markets. Corn and soybean futures are both trading above yesterday’s highs on a drier forecast for Argentina. Yesterday’s attempted rebound was attributed to rumors of Chinese interest for both US corn and soybeans, including soybeans for February shipment. The outside markets are mixed with equities continuing to march higher, the dollar is weaker while energies are also seeing pressure. The outlook for South America is hinting of another round of dry weather for parts of northern and eastern Brazil as well as the southern half of Argentina. A high-pressure ridge off the coast of E Argentina produces heavy rains across central and southern Brazil and into the far regions of northern Argentina. The rest of Argentina will see below normal rains and warm temps with the next chance of rain occurring late next week. The 10-15-day outlook is drier on the overnight run, making next week’s rain event critical. There have been several private estimates out this week for Brazilian soybean production. DATAGRO pegs Brazil soy crop at 135.61 MMTs. IHS MARKIT is estimating the crop ay 133 MMTs, while another firm has it pegged at 132.6 MMTs. Striking Argentina drivers are having some success in preventing grain from arriving at key export ports. Independent truck owners are protesting over exorbitant taxes, highway tolls, and low wages. The Brazilian Trucking Union is calling for a similar protest on February 1st. President Biden signed 15 executive orders and two agency actions on his first day in office. The new president’s actions were aimed at reversing several of former President Trump’s policies, including the pandemic response, the environment, anti-immigration policies, diversity, and economic recovery. Biden is expected to sign more executive orders relating to the coronavirus today and economic relief on Friday. Have a great day! Wayne Kollis - Mike Rosenberg - Matt Zeman - Austin Behrendsen
Thu 1/21
Fri 1/22
Sat 1/23
Sun 1/24
Mon 1/25
High
35 F
26 F
27 F
25 F
21 F
Low
22 F
15 F
17 F
20 F
14 F
Precip
0%
80%
20%
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I would encourage everyone with old crop corn left in the bin to take a close look at the July 2021 Flex Floor contract. ...
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