Morning Comments December 10, 2020

Red Machinery Harvest

Yesterday, both corn and soybeans traded on the plus side, with March corn futures up 4 cents, and January beans gaining back the 12 3/4 they lost the day before. This trend continued overnight. 

For corn, there were rumors yesterday of China wanting to buy corn for shipment in May, as well as a flash sale of 257,000 metric tons (10 million bushels) of corn for this crop year. There are still some negative factors for corn, including inventory for ethanol, gasoline and crude oil all increasing due to Covid related restrictions impacting miles driven. 

Soybean related news saw negative changes in South American weather forecasts supporting bean values. With the WASDE report due out later this AM, traders are once again focusing on the low Ending Stocks number from last months report of 190 million bushels, and wondering how low that eventually goes. Most traders don’t expect a major decline today, but do expect a slight cut. 

Opening calls:

Corn 2 to 3 higher 

Beans 8 to 12 higher 

The WASDE report will be issued at 11 A.M. We will have an update about it shortly after that. 

Get your offers in ahead of the report. 

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