Market News- POET: Portland 01/11/21 8:40:02 AM
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Jan 11, 2021
- Friday's CFTC report showed managed money adding another 17k contracts to their corn long, which now stands at +349k contracts. Funds actually liquidated 20k contracts of their soybean long positon vs expectations that they had increased their long position.
- The USDA announced flash sales of 132k MT beans to China, and 108k MT of corn to Columbia. There were rumblings on Friday that China was in for a couple vessels of beans so this was expected.
- Rains are currently moving through Argentina, with .25-1.25 inch totals across most of the growing region. The heaviest totals will be in the North, and more spotty showers are expected throughout the week. The totals are well below normal, and beginning Friday, a lasting period of dryness will continue for 7-10 days. Central and N Brazil will receive near normal rains over the next week, however S Brazil will remain very dry.
- Reminder that the Jan WASDE report will be released tomorrow at 11:00 CST. Trade is looking for corn carryout to be down 100MM bushels to 1.6B, while soybeans are projected down 30MMbushels. It will also be interesting to see what they do with World production. Trade estimates are for Argentina production to be down 1.6MMT, with Brazil down 2.25MMT. Some of this lost production will be offset by lower SA exports, and coincidentally higher US exports.