1/11/2021
Jeremy Vander Vorst, Grain Marketing Specialist
January 11th Agtegra Morning Market Insight

Corn: As of 7:45 Unchanged
Ag markets in China continue to lend support as they start the week higher as Dalian corn reached new highs at 11.24 per bushel. Traders are looking for a 200 million bu increase in corn exports and 100 million bu increase in corn use for ethanol which would drop the carryout close to 1.4 million bushels. Argentina lifted the suspension on corn exports but will still have a 30,000 tonne cap on daily export sales abroad.

Soybeans: As of 7:45 4-7 Higher
The average trade guess for US soybean carryout is at 139 million bushels but some are looking at sub 100 million bushels as exports continue to remain strong. Palm oil supplies continue to drop as production for December was down 11% and exports rose by 15%.

Wheat: As of 7:45 2-6 Higher
Wheat futures continue to trade back and forth as exports are lackluster and many are looking at only a minor drop in carryout of nearly 860 million bushels. Reports from Egypt indicate wheat reserves are enough for five months coverage.