Thursday December 10, 2020

  • USDA Report day 
    • Report out at noon – expectations are to see a decrease in U.S. carryout for corn and soybeans due to an increase in export numbers
    • Usually the December report is a non-event in the market, however with the tightness we are now seeing in the U.S. crop even a very minor adjustment can cause a market reaction
  • Well in the green this morning heading into the report
  • Chinese corn production for 2020 reported as 260.67 MMT – just slightly below 2019 at 260.77 MMT despite some weather challenges this season
  •  Another strong week of exports for U.S. corn coming in well above expected range mostly sales to Mexico and “Unknown”, wheat saw a strong week as well above expectations, soybeans came in the mid range of expected