We started the day with NFIB business Optimism Index (Dec) at 5:00 A.M., Redbook YoY and MoM at 7:55 A.M., Fed Bostic Speech at 8:30 A.M., Fed Brainard Speech at 8:35 A.M., IBS-TIPP Economic Optimism (Jan) and JOLTS Job Openings (NOV) at 8:00 A.M., Fed Bostic Speech and Fed Kaplan Speech at 10:00 A.M., 119-Day and 42-Day Bill Auction at 10:30 A.M., Fed Mester Speech, Crop Production, USDA Supply/Demand,  Grain Stocks and Winter wheat seedings at 11:00 A.M., 10-Year Note Auction and Fed George Speech at 12:00 P.M. and API Energy Stocks at 3:30 P.M.

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On the Corn front, we saw some profit-taking yesterday with rains hitting the north and central of Argentina while the east of Brazil received some rain. Corn highs made at around 502 and China’s Dalian corn futures are also making highs 20 11.24. Rains in South America will be few with La Nina and expect they will stay drier than normal for the next 30 days. Colder than normal temperatures in the U.S. Midwest. In the overnight electronic session, the March corn is currently trading at 494which is 1 ¾ of a cent higher. The trading range has been 494 ¾ to 489 ¼.

On the Ethanol front, Guardian Lima grinds through roughly 420 acres of corn mixed with E 15 and E 85. Guardian Plant Manager Jack Wolfcale said that a single bushel of corn can turn into 3 gallons of ethanol, 15 lbs. of distiller’s grains and 1 lbs. of corn oil he told the Lima Rotary Club. They will be seeking to tap in on the domestic market but also exports as they look to boost production in 2021. There were no trades posted in the overnight electronic session. The April ethanol settled at 1.591 and is currently showing 1 Bid @ 1.530 and 1 offer @ 1.880 with Open Interest at 45 contracts.