Morning Comments January 14, 2021

Beans 062419

Overnight markets pretty calm on the heels of the big 2-day post report rally. Managed money bought another 20,000 corn contracts yesterday, and they have nearly matched all time record corn length. Farmer selling was slower yesterday, following a big day on Tue. Weekly EIA report out yesterday showed ethanol production about even from week prior, but inventories bumped up to 23.692MBLS. Domestic fuel demand remains subdued, combination of Q1 seasonal trend and Covid situation. 

Export sales out this morning with solid numbers: corn 56.6Mln bu and soybeans at 33.4Mln bu. Look for some additional announcements this week as China has been making further inquiries for both beans and corn.

Opening calls:

Corn steady

Beans old crop up 2-3, new crop up 7-10