Grain Exchange – 2-11-2021
Happy cold Thursday! This week we have seen the market reach back to highs and then take it back. On Tuesday, USDA released the monthly supply/demand report. Wednesday, we heard of cancellation of corn exports of 132,000 metric tons. Argentina’s government has said to ease tensions with farmers, no tax increase or quotas on sales. The Argentina trucker strike of 22 days is now over. The Chinese New Year (year of the Ox), starts Friday.
Corn received the biggest surprise with 1.502 billion bushels carryout versus the trade estimate at 1.392. The weekly exports are bigger than expected at 1,448.7 tons. Ethanol production still stays on pace from last week at 275 million gallons and keeps in line with USDA usage of 4.95 billion bushels. This week saw a drop in ethanol stock by 2.1% to less than 1 billion gallons. This is a sign we are exporting ethanol.
Bean carryout was close to the trade estimate at .120 billion bushels. The USDA kept South America at last month production numbers. Weekly exports were also high in beans this week at 804.7 thousand tons. With the bean market swings, putting offers in and leave them will help you reach your marketing goals.
Wheat also had great export numbers this week at 591 thousand tons versus the estimate at top end of 450. USDA kept the carryout for wheat the same as January’s report at .836 billion bushels. Wheat has some concerns with the artic air we are experiencing father south from here.
Remember markets are idle Sunday night and Monday due to President’s day. Trade will resume Monday night at 7pm.
Please make sure to review and put offers in as these markets keep moving. Having a plan and sticking to it and reviewing will make marketing easier. Landmark has plenty of options to allow you to sell and still be engaged in the market. Reach out to anyone of the grain marketing specialists.
P.S. In case you missed the Grain Producer Meeting on January 19, please click the image below to watch the full recording.