Tuesday February 2, 2021

Markets lower this morning after closing slightly higher yesterday
Markets still in awe of the corn sales to China last week but old crop corn struggles with the psychological barrier at $5.50
- Also facing the disappointment now with the weeks lack of Chinese sales
AgRural reports Brazilian soybean harvest at 2% complete – the slowest harvest progress at the end of January in a decade – last season comparably was 9% complete
- Second crop corn planting is only 1.5% complete – the slowest pace since 2013
Despite overall net drying in Argentina, crops are expected to continue to develop well after recent scattered rains rains – despite overall dry conditions
StoneX increased their estimate for Brazilian soy production this month to 132.77 MMT with a slight increase in harvested acres and yield
StoneX also increased their estimates for Brazils first and second crop corn at 26.2 MMT and 82.4 MMT respectively
December soybean crush number came in at 193.8 million bu – slightly below expected but higher than November
Corn used for ethanol was 430.4 million bu – down from November and last Decembers use
Crude oil reaching one year highs