Early Market Talk December 28, 2020

Emtwebsite

Corn and soybeans starting the last week of the year on a firm note. Argentine port strike continues and anxiety on overall crop size continues.

Soybeans at one-point trading 14¢ higher but have eroded from those highs trading 4¢ higher at 0600. CH21 trading 2 ½¢ higher at $4.53 ¼ in a 4¢ high to low range. Chi and KC wheat both lower after starting strong.

Dow futures higher because of, or despite signed stimulus bill? Trading 150pts higher at 30,262. Crude 45¢ higher at $48.68. US $ Index little changed at 90.245. Brazilian real little changed against the US $ this morning and trending lower.

Weather headlines this morning; Significant winter storm on tap for Plains, Midwest and Delta. Widespread rains in Argentina mid-week and drier late week. Rains to shift into central Brazil this week.

New contract high on soybean and soybean oil overnight. Meal falling just short of its contract high made Thursday.

Streak of daily soybean volume exceeding corn vol continues. Working on day 15. Interesting to see open interest off a sharp 14K Thursday. Makes three days in a row of soybean OI dropping significantly. Three-day stretch has OI down near 39K contracts.

CFTC commitment of trader’s data delayed from last week out this afternoon. As of this morning we show managed money net long 322K corn and 244K soybeans.

First notice day on SF21 deliveries is Thursday. As of this morning there are 100 contracts registered for delivery. Registered for delivery does not mean they will be. But can’t be delivered without being registered.

Open interest in SF21 at near 61K contracts compared to SH21 at 399K, SK21 at 138K and SN21 at 136K.

Market Talk Footer

INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.


E- mail: Bruce.Nelson@IFCS.com

1075 Jordan Creek Parkway Suite 300
West Des Moines, IA 50266

www.intlfcstone.com
800-422-3087 Ext 3791
515-223-3791