Grains are lower to close:
Corn – 4 cents/bu (Mar @ 5.22)
Soybeans – 16 ¼ cents/bu (Mar @ 13.69 1/2)
Chi Wheat – 4 ½ cents/bu (Mar @ 6.67 3/4)
Currently:
Cdn $ +0.00545 (79.105 cents)
WTI Crude Oil +0.30/barrel (53.28)
2021 Wanstead Farmers Co-operative Annual Meeting
This is a reminder about Wanstead’s virtual AGM being held tomorrow, Thursday, January 21st at 10am. To register simply send an e-mail to: agm-registration@Wansteadfarmerscoop.com and include your name and address, if you can include your customer ID that would be helpful. You can click on the e-mail address to get started, our website also has a register button on it you can use to register. Once registered you will receive a personalized link to join the meeting, simply double click on this link. Should you have any issues registering please call your local branch and let them know and they will take your information to get you registered.
Overall a quiet day in the grain markets. No “market-moving” news was announced as headlines all focused on the U.S. Inauguration. Outside markets are solid as President Biden was sworn into office.
Funds are selling off some positions in grains, especially soybeans. However, bulls are insistent that this pullback is healthy for a long-term upward trend. Corn and soybeans are both nearing levels of good market support at $5.10/bu and $13.50/bu respectively.
International news headlines dominated market discussion today including:
-South American Weather that is continuing to put strain on the soybean markets.
-Brazil anticipating that they will be able to plant all of their double crop corn this year, although planting will be later than the ideal time frame.
-The ongoing Argentine trucker strike, as well as Brazil expected to strike in February
-Ukraine debating whether to limit corn exports
-Rumors of China buying 2 cargoes of beans from the Pacific Northwest
Funds are estimated to be sellers across the board. Corn is expected to have sold 8,000 contracts (long 367,000), soybeans are expected to have sold 10,000 contracts (long 118,000), and wheat is expected to have sold 4,000 contracts (long 13,000).