Good Morning! Corn and soybean futures are testing yesterday’s highs as stories continue to circulate regarding Chinese interest in both commodities. Weather conditions in South America remain questionable as wet conditions in southern Brazil are causing harvest delays and crop quality issues. The outside markets are mixed this morning with the dollar index trading a touch higher, equities attempting a mild recovery while precious metals and energies are weaker. Heavy rains continue to fall across southern Brazil with 1-2” rains common across Parana, RGDS and Santa Caterina. Heavy rains will continue across these regions with 10-day rainfall expectations of 5-9”. In Argentina, favorable weather continues across the northern half of the country while the southern half remains mostly dry. Refinitiv Commodities Research increased their Argentina corn production estimate to 45.6 MMTs, up 1.0% from their last update but below the USDA estimate of 47.5 MMTs. The USDA will temporarily suspend some debt collections from farmers facing financial distress due to COVID-19. The move is expected to affect 12,000 farmers who owe money under the government's Farm Storage Facility Loan and the Direct Farm Loan programs administered by USDA's Farm Service Agency. Brazilian trucker strike is det to begin on February 1st. Depending on its effectiveness, it could potentially push additional demand to the U.S. Federal Reserve officials left their benchmark interest rate unchanged near zero and also repeated it would maintain its bond-buying program at the current pace of $120 billion of purchases per month until “substantial further progress” toward its employment and inflation goals has been made. Have a great day! Wayne Kollis - Mike Rosenberg - Matt Zeman - Austin Behrendsen
Thu 1/28
Fri 1/29
Sat 1/30
Sun 1/31
Mon 2/01
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23 F
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28 F
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8 F
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22 F
14 F
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