Thursday November 12, 2020

  • Markets red across the board this morning with funds stepping in for some profit taking 
  • Spec funds in an all time record long in soybeans and near records in corn as well 
  • Weekly export sales report pushed to tomorrow as government offices were closed yesterday 
  • Focus is primarily on South American weather 
    • Disappointing rains overnight as some farmers in Argentina park their planters waiting for soil moisture to improve 
    • Forecasts have also turned drier in the next 10 days as rainfall totals across South America look dismal 
  • U.S. set a new daily COVID infections at 144,000 cases 
  • Moderna is also set to announce a vaccine for COVID-19 just as effective as Pfizer’s which was announced earlier in the week as global infected rate grows to 51 million cases