Monday November 9, 2020

  • Mixed markets to start the day – soybeans jumping on greater markets optimism over potential COVID vaccine 
  • Over the weekend Joe Biden was officially announced as the President Elect – set to take office in January 2021 
  • Pfizer claiming to have a COVID-19 vaccine that is 90% effective – hopes for it ti be ready for distribution by mid 2021 – financial markets leaping this morning over that optimism 
  • South America looks to remain dry to start the week with Brazil having some rain on the forecasts to help improve their soil moisture come mid-week 
  • USDA report out tomorrow – overall estimates show shrinking carryout for both corn and beans 
    • Lower carryout numbers are good for commodity prices as it indicates tighter supply 
    • Lower carryout is expected due to changes in yield expectations (expected to be lowered from Oct report) as well as potentially seeing increased export numbers to reflect the steady stream of purchases this fall