Goooood Morning Everyone.

Grains are higher overnight:

Corn + 17 ¼ cents/bu  (Mar @ 5.34 1/2)

Soybeans + 1 ¼ cents/bu (Mar @ 14.19 1/2)

Chi Wheat + 5 ¾ cents/bu (Mar @ 6.70 3/4)

Cdn $ +0.00050 (78.67 cents)

WTI Crude Oil +0.30/barrel (53.51)

Grains are high after coming off of the extremely bullish USDA report yesterday.

In case you missed it, highlights from the USDA report include:

-Corn stocks came in below expectations at 11.322 billion bushels for December 1st stocks (estimates 11.951)

-US corn yield final estimate dropped a whopping 3.8 bushels per acre to 172.00 compared to estimates of 175.3, and down from 175.8. Soybeans dropped to a mild 50.2 bushels per acre when estimates were pegging it at 50.5, down from 50.7 in December.

-US Corn carryout performed at 1.552 billion bushels, compared to estimates of 1.59 billion bushels, down from 1.702 billion bushels in December

-US Soybean carryout at 140 million bushels compared to estimate of 139 million bushels, down from 175 million bushels in December

-US Wheat carryout at 836 million bushels compared to estimate of 859 million bushels, down from 862 million bushels in December

-Argentina soybean production was adjusted down to 48.00 million tonnes (estimates 48.4 million tonnes) from 50 million tonnes

-Corn harvested area was reduced to 82.467 million acres from 82.527 million acres, while soybeans was increased to 82.318 million acres from 82.289 million acres

- World corn, beans, and wheat stocks endings stocks for 20/21 all adjusted lower

“Beans well into the teens”. Soybeans broke through the $14 per bushel futures yesterday for the first time since June 2014 due to shrinking global supplies and a strong demand.

Corn was the big winner of the USDA report yesterday. With corn futures’ success, they reached a technical milestone of passing the 540 ½ gap from 2013.

Corn limits are expanded to 40 cents for the trading session today as futures traded locked limit-up yesterday. Soybean and wheat limits remain the same at 70 cents and 35 cents respectively.

Argentina lifted their 30,000-tonne per day limit on corn exports, following a strike by farmers. Instead, they are creating a commission to monitor domestic corn prices, instead of using government intervention to control markets.

Traders may be on edge today as the House votes on whether to consider Trump impeachment over the US Capitol attack.