Morning Comments December 16, 2020

Soybeans2

Opening calls:

Corn 2 to 4 higher 

Beans 6 to 8 higher 

Yesterday, corn, wheat and soybeans all finished higher on the day. They also started that way in the overnight session. January soybean futures gained almost 15 yesterday and another 7 1/2 before the morning break. March corn futures only managed to gain 3/4 yesterday, but have added another 3 1/2 overnight. March wheat added about 3 yesterday, after losing 18 on Monday. They gained 3 3/4 overnight. We mention wheat today due to several recent export sales. Egypt, Tunisia and Thailand have all made purchases for February shipment. This is supporting corn values as well. 

As for soybeans, the Argentina strike continues as discussions between unions and large Ag companies fell apart earlier this week. The ongoing strike has crippled operations at the ports with 85 ships docked and unable to load and another 44 waiting for spots to open up. Also, the November NOPA report was released yesterday showing 181 million bushels crushed. This is a record for the month of November, and well ahead of last year’s 164.9 million, even if it is slightly behind October 2020, which, at 185.2 remains the largest single month of production on record. 

We continue to urge sales during these spikes. Please let us know if you’d like to have an offer working for Old Crop or New Crop, corn or beans.