Morning Comments January 28, 2021

Corn Emerging 360X240

Markets starting off positive again today as the feature continues to be persistent export demand for US corn and beans, and traders belief that USDA estimated ending stocks this year are moving lower. Export sales out this am with a big corn number at 1.85MMT, beans were less than expected at 466,000MT.

A couple of the macro market winds that have helped rally ag prices are showing signs of waning here recently, as US dollar is trending sideways and energy markets also showing signs of a plateau. South American weather is mixed as parts of Brazil have received too much rain which is not good as bean harvest is trying to get going. Could further delay the planting of their 2nd season corn. 

Another winter storm taking aim at the central US this weekend. 

Opening calls:

Corn: 4-6c higher

Beans: 4-6c higher