Grains are lower to close:
Corn – 5 1/2cents/bu (Mar @ 5.26)
Soybeans – 31 cents/bu (Mar @ 13.85 3/4)
Chi Wheat -3 1/4 cents/bu (Mar @ 6.72 1/4)
Cdn $ -0.00025 (78.560 cents)
WTI Crude Oil +0.62/barrel (52.98)
2021 Wanstead Farmers Co-operative Annual Meeting – We want to remind you about our upcoming virtual AGM on Thursday, January 21st at 10am. Your annual statement, as well as our website has instructions for members to register. At the top of our website is a Register button that members can simply press to send an e-mail to us, or you can use the address: agm-registration@wansteadfarmerscoop.com. We require your name, customer ID, e-mail address and address upon registrations so that you can receive a personalized login.
The USDA announced a series of flash sales this morning:
132,000 tonnes of soybeans to China for 2021/22
128,000 tonnes of corn to Japan for 2020/21
100,000 tonnes of corn to Israel for 2020/21
In total, that’s 9 million bushels of corn, and 4.9 million bushels of beans.
The export sales report was released today for the week ending January 14. Corn performance was disappointing, while soybeans were better than anticipated, and wheat was within expectations. Soybean export shipments to date exceed the seasonal pace needed to hit USDA’s target by 365 million bushels, versus 350 million the previous week. The gap continues to grow with the delay in Brazil’s harvest. Marketing year corn export shipments to date fall short of the seasonal pace needed to hit USDA's target by 81 million bushels, compared to being short by 83 million the previous week.
| In Million Bushels | Actual | Trade Estimates | Last Week | 10-Week Average |
| Corn | 34.5 | 35.4-49.2 | 51.7 | 37.4 |
| Soybeans | 75.6 | 33.1-68 | 67.9 | 87.5 |
| Wheat | 10.2 | 7.3-14.7 | 10.3 | 14.3 |
Despite the impressive soybean export results, the unexpected and much needed South American rains had a stronghold on the soybeans markets. March soybeans had their biggest fall for the contract today of 31 cents.
Wheat rebounded off of its lows today as high corn prices encourage a greater demand for wheat.
Funds are estimated to be sellers today with corn expected to sell 10,000 contracts (long 375,000), soybeans to sell 20,000 contracts (long 129,000), and wheat to sell 2,000 contracts (long 17,000).