Today, March 2020 corn futures closed up 1 ¼ at $3.87 ¾. This was up almost 7 cents for the week. December 2020 corn futures closed at $4.01 ¾, up 6 ½ cents for the week. January 2020 soybeans closed up 3 ¾ at $9.28 ¼, up 18 cents from last Friday’s close. November 2020 soybeans closed up over 15 cents for the week, ending today unchanged at $9.66 ¼.
No additional news or details on the Phase 1 deal between the U.S. and China this week, though there are a lot of questions about how we are going to see a $40 billion boost in purchases of ag products. USMCA (U.S., Mexico and Canada Agreement) cleared the House and is moving on to the Senate where it is expected to pass, though the timing is a question.
Ethanol production is staying above the 310 million gallons per week needed to hit the USDA’s forecasted number, coming in unchanged from last week at 313 million gallons. Corn export sales also came in within range at 67.3 million bushels, making it the highest yet for this marketing year. Export inspections also came in at a marketing-year high at 27 million bushels, slightly above expectations and a significant jump from last week’s 19.3 million bushels.
For soybeans, funds still seem to be gaining steam from positive U.S./China vibes even though we still haven’t seen specific details/signing timeline. Soybean futures have trader higher 11 of the last 14 trading days, seeing a 60 cent rally in the past 3 weeks. Export inspections for soybeans came in at 46.3 million bushels, slightly down from last week but within expectations. Just over half of these were shipments to China. We are now at 685 million bushels for this crop year, 23% ahead of the same time last year. Soybean traders also saw the return of the $1/gallon biodiesel blender’s credit, expected to be part of the new spending bill.
CBOT will close at 12:05 p.m. on Tuesday, December 24th. Markets will reopen at 8:30 a.m. on Thursday, December 26th.
Landus Cooperative locations will close at 2:00 p.m. on Tuesday, December 24th, and will reopen for regular business hours on Thursday, December 26th.