GAP State-of-Play for week ending Jan. 8, 2021

State-of-Play — week ending Jan. 8, 2021


Welcome to this week’s snapshot of the global grains and oilseeds industry. For the full report, click link at the end.

Tuesday, 12 January….this will set the tone for the remainder of January and likely Q1. In other words, game on Donkey Kong…

  • Fund long ꟷ record for the time of the year in both corn and soybean
  • Fund soybean position ꟷ continues to baffle, with that segment of the market decent sellers vs. buyers
  • New record long position for the five major ags
  • Day 2 of index re-balance on Monday
  • New highs in SX21-SN21 inverse
  • New highs in CU21-CN21 inverse ꟷ back end inverse widens CZ23-CZ21
  • S. domestic corn demand faces poor ethanol margins and poor livestock profitability
  • Board crush smashed for the first week in the new year ꟷ making new contract lows
  • Soy oil board + market structure continues to look eerily similar to Q1 2020
  • MPOB December palm oil balance sheet due out 11 January
  • CONAB out with its latest Brazil numbers early a.m. on 12 January
To read the full GAP State of Play for the week ending Jan. 8, 2021, click here.

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