Friday December 4, 2020

• Markets starting the day lower 
• USDA report out next week – likely looking to increase export numbers on the report and decrease ethanol usage – no change expected to be made on the production side until January 
• Argentine soybean planting being reported as 48% complete with corn at 25% complete 
• Canadian dollar reached a 2 year high yesterday at 77.61 cents U.S. 
  • Elevator basis has remained mostly unaffected by rising dollar due to the strong demand coming from the export market as well as Ontario feed trade 
• Expected to see record soybean yields for Ontario with experts expecting averages in the 50 bu/ac range
  • 10 year average for Ontario is 46 bu/ac 
• Soybean sales have started their seasonal decline as importers look at the beginning of the Brazilian harvest in January – the question this year is whether or not there will be significant harvest delays that force buyers to grab at more US grain due to the delayed start