December corn was down 2 3/4 today, closing at $4.06 3/4, but up 8 1/4 for the week. March corn futures ended at $4.13 3/4, down 1 today, while gaining 10 1/2 week on week.
January beans lost 2 1/4 today, ending at $11.01 1/2, gaining more than 45 for the week. March soybean futures were up 1 1/4 today, putting them at $10.99 1/4, up 51 this week.
Please note that March futures are now only a couple cents less than January soybean futures, while November 2021 futures, which closed at $10.06 today, are 95 cents less than January futures.
The obvious BIG Story this week is the ongoing story about the U.S. election held Tuesday. While many races have been decided, with winners and losers announced, there are still several undecided results, most notably, the contest for the U.S. presidency. It appears that we will know a lot more by the time markets open back up Sunday night. Not to imply that the “market” doesn’t care about the results, it feels like, for the most part, it has moved on and will adjust once there is more clarity.
For now, with regard to grain prices, NEXT Tuesday is probably as important as anything. The WASDE report that will be issued then is expected to have quite a few changes. Most analysts are expecting the 2020/21 ending stocks for both corn and soybeans to be reduced. Today, it looks like most expect a decrease in production due to lower yields, but also an increase in demand, mostly through increased exports by the end of the year.
For more factors impacting corn and soybean prices, check out our weekly podcast. You can use this link to find, like, and subscribe: https://landusexperience.podbean.com/. Also, following the Bull Bear Banter, stay tuned for a message from Matt Carstens regarding our Fiscal Year financials for the year that wrapped up at the end of August.
Recently, many states, and particularly rural areas, have seen another spike in positive Covid results. And while this entire issue will continue to be debated, we at Landus are going to continue to keep our facilities locked down, with only essential employees entering workspaces. We know this has caused a change in the way we are all conducting business and has made it more difficult in some ways. However, we continue to believe that the health and safety of our customers and our employees should be our main concern.
It’s also forced us to analyze and adjust some of our business practices. There is now even more information available to you through our customer portal. You can now sign contracts electronically, which is saving all of us time and effort as well as postage. If for any reason you are having trouble accessing your information, please contact your local Landus facility by phone or e-mail.
When we first began to roll out some of these new innovations, we know that many were resistant to the changes. But, as more and more people are accessing their info, we continue to hear the comment, “I wish I would have done this earlier”. And many of our customers are telling us that it has made their lives easier.
If you have not yet begun to take advantage of all of the information that is available online, we would encourage you to take the first step. We think you will truly find it worth the effort.
Please let me know if you have any comments or questions about any of this. Thanks, Tom.Guinan@LandusCooperative.com