Wednesday January 13, 2021

• First time in my career I got to experience a limit up day and I hope not the last
• Very positive reaction to the USDA yesterday after the report came in nearly right on expectations 
• Seeing a more subdued day today with a little profit taking and buyers catching their breath

Corn 

• We saw a record yield reduction yesterday from the Nov report to the Jan report of 3.8 bu/ac – the catalyst to the corn rally yesterday
• On the demand side of the corn table we did see a reduction in feed usage, exports and ethanol usage 
• The net affect was a carryout number of 1.55 billion bu – about 0.2 billion bu reduction from the November report and a respectably tight carryout number for corn 
• This number was almost right on expectations going into the report but seeing it realized by the USDA helped add confidence to the bulls position

Soybeans

• Soybean yield was dropped slightly more than expected from 50.7 bu/ac in Nov to 50.2 bu/ac 
• On soybeans demand we saw an increase in imports, as well as increased crush numbers as well as an increase in exports
• This lead to a carryout reduction to 0.14 billion bu – again almost right on expectations and a decrease of 0.03 billion bu than last estimate 
• These numbers though in as expected helped secure the foundation the soybean market has been jumping off 

Wheat

• No adjustments made on wheat production 
• Demand saw an increase in feed usage
• Overall affect lowering carryout to 0.836 billion bu compared to last reports 0.862 billion bu