TFM Midday Update 11-23-2020

CORN

Dec 20 +2 @ 4.25 & Dec 21 +1 @ 4.09
U.S. weekly grain export inspections @ 832.6K mt versus 616.9K mt last week
Headed for 6th higher close in the past 7 trading days
Despite heavy rains in S. Brazil & Argentina drought continues
Daily export sale of 334K mt corn to unknown destination
As of Nov 17 – O/I is up 17% since mid-October – highest level for this time of year since 2010

Jan 21 + 9 @ 11.90 & Nov 21 +4 @ 10.54
U.S. weekly grain export inspections @ 2.009M mt versus 1.952M mt last week
Jan futures hit $12.00 on the nose in the overnight trade
If close is higher today, this will be the 13th day of higher close in last 15 days
Pfizer coronavirus vaccine could be available mid-Dec for most vulnerable
Mato-Grosso miss rains, temps on the rise
U.S. soybeans are booked at 86% of the year projections of 2.2 bb
Palm & soybean oil stay high – supporting prices
As of Nov 17 – O/I is up 11%, all-time high for this time of year

Dec 20 Chi +7 @ 6.01, Dec 20 KC +2 @ 5.53, Dec 20 MPLS +2 @ 5.46
Chicago wheat futures continue at elevated levels – although 30 cents from recent highs
U.S. weekly grain export inspections @ 358K mt versus 325.9K mt last week
Wheat continues to follow suit with corn & soybeans
Dryness continues in Russia & Ukraine as crops move into dormancy
Light rains expected of U.S. HRW Wheat Belt today
Reduced net longs from 32,633 last week to 14,414 this week

Amberlee Bratcher