Good afternoon everyone. What a fantastic week of weather we just had for January. I hope you all were able to get out and enjoy it some. Well, what another wacky and wild week we just had. Movement of grain is still massive, and with the attractive prices they should be moving. It is odd for this time of year, but there are a lot of folks that are full and not open for business. This is putting pressure on cash basis levels for both corn and soybeans. The futures markets are not paying anyone to carry grain and since the market cannot handle it all at once, the basis has to do all the work.
This seemed to be report week from the USDA. We got our final production numbers from the 2020 growing year. They reported a corn yield reduction of almost 4 bushels per acre, which is massive. To lessen the blow on ending stocks, they reduced exports and feed usage. Soybean numbers were only subject to minor changes. Exports sales and shipments continue to chug along at a record pace, and NOPA crush released today still show no demand rationing. Next week will also be a big week for all markets and remember that they will be closed on Monday. This is a bit on the short side, but I am sorry I ran out of time.