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


  • 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


  • 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 


  • 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