BOB'S REVIEW
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Dec 4, 2020  12/04/20 12:53:05 PM

We can’t complain (or shouldn’t) about the weather this fall.  The next week also looks pretty nice compared to fh Decembers in the past.  The seasonable temps have given us time to get things washed up and put a way.  And winter will come, but it can take its sweet time.
 
Harvest season came and went with very few issues.  We didn’t receive many wet beans and the corn was much dryer than last year.  The corn quality (TW) was better than we had originally expected.  Don’t forget to check your bins for quality issues.  Get the center of your bins pulled and get the corn cold.  This year’s corn crop should store better than last years but we still need to keep an eye on our inventory.  
 
The fund managers continue to create volatility with our markets.  China seems to be slowing down on their purchases.  Exports are currently a head of the USDA figures.  Ethanol demand will depend on gov’t restrictions.  SA weather has turned wetter with rains expected in the next 6 – 10 days.  Corn basis should remain strong.  Bean processors have now built a carry into their bid structure.  Best bean bids are now in February.   Technically $12 Jan beans and $4.40 March corn are at the top of the trading range.  Support lies at $11.40 and $3.98.  Making sales at these current price levels makes sense. 
 
We will be sending out deferred patronage checks before Christmas.  We’ll be posting winter hours in the next week on the web page.  USDA release the supply/demand and crop production figures on Thursday the 10th at 11:00 am. 
 
Have a good weekend.  Stay safe and watch out for the other guy.
 
Bob
 
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