Market Update – November 5, 2020

• Soybean futures continue to rally strongly today busting through the technical resistance of 10.90 without hesitations now trading comfortably above $11 for futures – the next resistance point being at $12 
  • First time since 2016 we have been over $11.00 futures 
• Continued dry forecast for South America through the weekend 
  • Argentina looking dry into next week as well however their may be some rains pop up in areas of Brazil next week 
• Russia now set to turn cooler – which would put a limit on any crop improvement they may have been looking at 
• U.S. corn is currently the cheapest global feed grain giving a strong outlook for US export demand 
• U.S. dollar falling as it appears Biden will take over as U.S. president – making the already attractive U.S. Ag exports even more attractive to the global buyers 
  • Biden is also seen to beneficial to the grain markets by creating a less volatile relationship with China as well as boosting bio fuel demand 
  • However their is still no confirmed decision on the presidency 
• Another very strong week in export sales for the U.S. corn and beans