Early Market Talk November 20, 2020

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Soybeans gapped higher out of the gate trading as much as 15 ¼¢ higher to this point. New high for the move and now $3.57 off the April 21st low of $8.35 ¾.

At 0600 CZ20 trading 4 ¾¢ higher at $4.27 ¼. SF21 13¢ higher at $11.90 ½. Lead two months of each have combined vol of 55 and 49K contracts. Chi and KC wheat each a couple higher this morning.

Dow futures just a scratch lower at 29,431 this morning and barley above water for the week. Crude 26¢ higher at $42.00. US $ index near unchanged and weaker against the Brazilian Real.

Soybean margins go to $1,900.00 today. An increase of $100 / contract $1,900.00.

Funds sellers of 12K corn yesterday leaving them long a net 256K contracts. We have them buying 3K soybeans for a net long of 253K. Updated CFTC numbers this afternoon.

Holiday shortened week ahead. Hard to believe Thanksgiving is upon us. Expect the obligatory day before / day after price action tables.

Argentine corn and soy planting reported at 31 and 29% complete. Both under last year’s pace this date of 45 and 31%.

First notice day on CZ20 deliveries a week from Monday. Open interest at 240K contracts. To compare OI in CH21 today stands at 823K contracts.

SX21 trading $10.51 giving some producers $10.00 beans out of the filed next year. Others getting close. Noted increase in hedge activity out there.

Keep hearing about falling corn basis but see many locations trading best of year levels yet.

Happy Friday!

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