TFM Midday Update 1-11-2021

CORN

March down 3 @ 4.92 & Dec down 1 @ 4.39
Grain export inspections at 1.130M mt versus last week of 912K mt
Managed money net position: long 349, 888 contracts
March tried to rise above 5.00 but faltered again
Argentine government lifted corn export ban and instituted 30K mt daily cap instead
Tomorrow trade looking for reduced corn yield, production, and ending stocks
Weather in S. America improving somewhat this week in Argentina & Brazil
Daily export sales of 108.5K mt to Columbia

Jan down 10 @ 13.65 & Nov down 10 @ 11.51
Grain export inspections at 1.778M mt versus 1.305M mt last week
Managed money net position: 175,827 contacts long
Trade tomorrow looking for drop in soybean yield and production
Analysts have projected tomorrow’s report could have ending stocks at 136 mb
Argentine soy production is expected to fall 1.5 mmt & Brazil 1.6 mmt due to dryness
Brazil looks very good for 10 day forecast regarding weather/rains
Daily export sales for 132K mt of soybeans to China

March down 3 @ 6.35, Mar KC down 1 @ 5.93, Mar MNPLS down 3 @ 6.12
Grain export inspections at 279.3MT versus last week 324.9K mt
Managed money net position: 25,210 contracts long Chi & 54,457 KC wheat
Russia’s FOB wheat prices since end of 2020 have moved from 13-18/mt higher
Tomorrow trade looking for modest revisions to ending stocks & inc. in acres planted
China continues to sell wheat from its reserve to feed producers due to price of corn

Feb LC down .95 @ 113.52 & Jan GF up .52 @ 136.35
Although LC down today, still in a very “wide” sideways trade channel
FC rebounding after early morning losses from outside market pressure & LC futures
Today’s slaughter est. at 119K head
Cash trade quiet for LC & @ 135.63, up .28 for 1/7 for FC cash index
O/I: -5,694 contracts for Feb LC & O/I: -397 contracts for Jan FC

Amberlee Bratcher