Edwards Market Thoughts

1/26/2021 8:00am 

Yesterday’s lows were notable for those watching a certain analog year (2008), coming roughly at the psychological $5 mark for corn and
$13 for soybeans as well. South American forecasts and production estimates have settled in a bit better for now but there is still reason for the trade to be concerned about rationing off U.S. supplies (for soybeans in particular).

The USDA reported Kansas winter wheat at 43% good/excellent this month, down from 46% a month ago but up from 34% LY; ratings decline monthover-month in CO and the Dakotas as well, but did rise in MT, IL, and KY.

Rains fell in northern Argentina over the past 24 hours, a trend that will continue over the next five days and expand into the bulk of the country’s crop areas for the 6-10 day period. Brazilian crop saw some nice precip center/ south yesterday, with a wet pattern remaining for the bulk of the country through the next ten days, driest throughout in the northeast.

Marketing year high for weekly corn export inspections of 54.8 million bu of which only 2.8 mln bu were China. Still behind the pace needed to reach USDA estimate of 2,550 mln bu but catching up.

Soy export inspections at 72.7 mln bu. Soybean inspections only need to average 5 mln bu / week here forward to meet USDA estimate of 2,230 mln bu.

40,000 truck drivers in Brazil pressing ahead with a scheduled strike for February 1st.

Brazil's Mato Grosso safrinha corn plantings are off to a slow start at 1% planted vs 9.8% last year and 5-yr avg of 9.6% according IMEA. Mato Grosso is Brazil's largest producing state. Brazil is on pace to export 2.21 mmt of corn in January vs 2.29 mmt last year. USDA ag attaché pegs Argentina's corn crop at 47.0 mmt, down 0.5 mmt from current USDA projections.

 

Local Weather
Weather radar map

Sioux Center, Iowa (51250)

Current Conditions: Cloudy
Temperature: 14°F Dew point: 10°F
Humidity: 85% Pressure: 30.23 in. Hg
Wind: 8 mph From: Northeast

Forecast

Tuesday
Weather condition
Hi: 17°
Lo: 10°
Wednesday
Weather condition
Hi: 20°
Lo: 8°
Thursday
Weather condition
Hi: 26°
Lo: 9°
Friday
Weather condition
Hi: 32°
Lo: 17°
Saturday
Weather condition
Hi: 35°
Lo: 29°

Zip Code:

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Siouxland Cash Bids
Name Delivery End Basis Cash Price Futures Price

View all cash prices...
Quotes are delayed, as of January 26, 2021, 08:59:06 PM CST or prior.
All grain prices are subject to change at any time.
Cash bids are based on 10-minute delayed futures prices, unless otherwise noted.
Industry News

Click on the link below to find encouraging industry information that we would like to share with the supporters of both our company and the renewable fuels industry - 

http://www.ethanolproducer.com/articles/16668/ethanol-producers-need-to-reduce-their-ci-scoreundefinedand-quickly

Siouxland

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Letter to President Trump!

  

Tuesday, December 10, 2019

Time is running out, and we need to YOUR help TODAY.

America’s Renewable Fuel Standard (RFS) is critical to revitalizing struggling farm economies, reducing our dependence on foreign oil, and protecting the climate. But Environmental Protection Agency (EPA) exemptions to oil companies have destroyed demand for billions of gallons of U.S. biofuels. President Trump vowed to restore lost gallons, but the current EPA proposal only accounts for a fraction of the demand destroyed by the agency’s unprecedented use of oil refinery waivers. We MUST demand action NOW before it’s too late.

https://fuelsamerica.org/call-president-trump-restore-biofuels-protect-rfs/

Join us TODAY in calling on President Trump to take action now to reopen biofuel plants and revitalize markets for America’s farmers.

Thank you in advance for your continued support.

Growth Energy

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Commentary
Wheat Futures Hold on To Double Digit Gains -

At the close on Tuesday, domestic wheat futures were up double digits, with 2.35% to 2.58% gains in SRW leading the way. Chicago wheat closed 11 1/2

Cattle Futures Close Mixed -

The Tuesday cattle complex ended mixed with gains for finished cattle and weakness for feeders. Live cattle futures were 15 to 65 cents in the black

Hogs Continued the Gains -

At the close for Tuesday lean hog futures were off their highs but still 30 to 57 cents in the black. April posted a life of contract high at 77.6

Tuesday Trades Push Corn Higher -

Corn futures led the grain crop rally on the CBT, closing Tuesday with 2.56% to 4.06% gains. New crop prices ended 8 3/4 to 9 3/4 cents in the black

Soy Complex Works Higher -

Board crush spreads weakened on Tuesday with all legs closing in the black. Beans ended the session 1.58% to 1.99% higher, offsetting the 1.61% to

Cotton Lower at Close -

Tuesday’s close left the board 45 to 62 points weaker for nearby cotton futures. New crop prices were down 19 to 29 points. The dollar is weaker

Full commentary...


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