Morning Comments January 11, 2021

Grain Bins

Overnight markets fairly tepid compared to recent trend, ahead of much anticipated WASDE report tomorrow. Monthly supply/demand along with quarterly grain stocks to be released, so it’s an important report that will set market tone until spring. 

Argentina has removed their temporary corn export ban and replaced it with a max daily tonnage allowance. Chinese internal corn prices continue to push higher. Energy and equities both lower this morning to start. 

Soy crush margins in the US have come under significant pressure the last few days, as market fears US soybean supply pipelines will be empty and capacity will require curtailment. Ethanol margins steady lately, but remain in the red until summer. 

Opening calls:

Corn steady

Beans up 3-6c