Yesterday, December corn futures ended the day down 3/4 while January soybean futures were off 1/4. Both were off quite a bit more during the trading session. In the overnight session, corn continues to be a little lower and beans have rebounded some. We continue to talk about South American weather and Chinese demand. Beyond that, for corn, crude oil has gained about $5/barrel in the past couple of weeks, now just above $45. This is supporting ethanol margins a bit more. We will see the EIA report later today and many expect slightly higher ethanol production for last week. Soybean values have been impacted by some profit taking among traders with large long positions. They have been whittling them down a bit ahead of the Thanksgiving break. The Board of Trade has normal hours today and then is closed until 8:30 Friday. Trading will also conclude early Friday, with a Noon closing time. Many of the traders traditionally use this as a 4 day break, so we should expect low volumes on Friday without any significant changes to weather or macro markets.
Corn steady to 1 lower
Beans 2 to 3 higher
Our offices will be open normal hours today and Friday.
From all of us at Landus, we wish you and yours a VERY happy Thanksgiving. While many of the traditional events won’t take place, there is still a lot to be thankful for. We hope you are able to take time to enjoy the holiday.
Section 199A Webinar for Farmer-Owners and Their Accountants
Friday, Dec. 4, 2020
7:30 a.m. to 8:15 a.m.
During this interactive webinar, Landus farmer-owners and their accountants will hear from cooperative tax experts, CliftonLarsonAllen.
-What is Section 199A?
-Who is eligible?
-How does it benefit my farming operation?
-What documents do I need to utilize Section 199A tax deductions?
We will have time for Q&A at the end of the session.
REGISTER ONLINE: https://attendee.gotowebinar.com/register/1016298799824824587