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[Listen] Gordy Ag Market Recap Record Corn Export Sales
It was a little bit of a disappointing week especially in the corn market. The nearby March contract hit a new contract high for the fourth or fifth time but could not hold and close on a contract high. Actually both corn and beans traded sideways but sometime that is not necessary a bearing factor. It the market is technically overbought that can be changed just by markets going sideways for a few days.
Bean export sales this week were solid but corn was the jaw dropping number at around 270 million bushel of corn sold for export. The large majority of that was sold to China. The UDA Supply Demand report will be release at 11:00 Tuesday morning. Traders are expecting the USDA to drop both corn and soybean carryovers in this months report.
It was another week that corn and beans set new contract highs. We did not close the week on contract highs but technically the charts still look encouraging. There were a couple days where corn and beans dropped hard but by the end of the trading both recovered most of the losses and then moved higher the next session. it sure helped that the USDA announced a number of daily export sales of beans to China after the weekly sales were low much below the weekly average.
Tuesday morning at 11:00 am the USDA will release the Quarterly Stocks Report which will be the final yield and production for 2020 and also the January Supply Demand Report. It is one of the biggest market moving USDA reports of the year and it typically has a few surprises. The average trade guess is that it will be a friendly report with lower 2020 production and lower carry over for beans but an increase of 300 million for corn.