It was another week that corn and beans set new contract highs. We did not close the week on contract highs but technically the charts still look encouraging. There were a couple days where corn and beans dropped hard but by the end of the trading both recovered most of the losses and then moved higher the next session. it sure helped that the USDA announced a number of daily export sales of beans to China after the weekly sales were low much below the weekly average.

Tuesday morning at 11:00 am the USDA will release the Quarterly Stocks Report which will be the final yield and production for 2020 and also the January Supply Demand Report. It is one of the biggest market moving USDA reports of the year and it typically has a few surprises. The average 'trade guess" is that it will be a friendly report with lower 2020 production and lower carry over for beans but an increase of 300 million for corn.

GORDY RECAP 1-8

Click on the link and listen ton Gordy talk about the corn and bean market action last week.

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