Thursday February 4, 2021

• Markets lower this morning after and impressive day yesterday 
• What was expected to be a huge week in corn export sales reports came in right on the high end of the range this morning 
  • Market saw major hype yesterday anticipating the record number and is just struggling to push that reaction further today
• Soybean and wheat export sales also held their own both right around the high end of expectations
• Starting to see predictions roll in for Tuesdays monthly USDA report
  • Corn: expecting to see a further shrink of carryout numbers both for the U.S. and world
  • Soybeans: expecting to see a shrink of carryout for U.S. and world 
  • Wheat: expecting to see mostly steady numbers with last report
    • Overall we are looking for confirmation from the USDA that the tightness is as concerning as we have been fearing and hopes to continue to validate the price levels we are at