March corn futures closed down 5 cents today at $3.86 ½, down 3 ½ cents for the week. December corn closed down 3 ¾ cents at $4.00 ¾, down 2 ¾ cents from last Friday’s close. March soybeans closed down 14 ¾ today at $9.41 ½, unchanged from last week. November soybeans closed down 9 ¼ cent at $9.71 ½, up 1 ¾ from last Friday’s close.
Both corn and soybeans saw downward pressure today, likely a combination of the political unknowns in the Middle East following the events of last night, and some potential rumblings about China being further away from signing a Phase One deal than previously thought. Ethanol production was down week-on-week by 17,000 barrels per day, and stocks came in at 21 million barrels, down 435,000 from last week’s report. Corn export sales were down 15% compared to last week at 531,393 MT. Soybean export sales were below trade expectations at 330,344 MT. NOPA released its November crush report, showing 174.63 million bushels of beans crushed. This is down 6.6% from October, and 1.93% lower than the same month last year.
The large sell-off today took away most of the gains we saw during this week’s rally, but prices are still well above where they have been at before the recent rallies of the last few weeks. Offers have helped many of our customers take advantage of the recent gains, often looking in prices that we have only “touched” for a brief amount of time.
It is also a great time to be thinking about marketing some of your new crop 2020. Our averaging contract is a great tool to get started. Be sure to tune in to our podcast for an interview we had with one of our customers about his experience with the program. https://landuscooperativeexperience.podbean.com/
Next week, the USDA will release their January WASDE on Friday, January 10th at 11:00 am. Of all the recent reports, we will be looking at this one to create some market movement if the USDA sticks to their 94 million acre number for corn.