By a vote of 220 to 209, the House of Representatives elected a Speaker in the person of Louisiana Republican Mike Johnson, whose pedigree looks like Jim Jordan without as many political battle scars. He is against financial aid to Ukraine, abortion, gay marriage, wants to close the borders, forebid gender-related surgery and hormone treatment, prohibits mask mandates on airplanes, and tighten immigration standards. He probably was able to get enough votes because he has not been in Congress long enough to make too many enemies. He was elected to Congress just 7 years ago.
December corn is down 30¢ from last Thursday evening’s high. Corn exports are still slow, the two wars are still in progress with the Mideast war definitely more likely to expand, the Mississippi has a foot more water, the US PMI was one point higher than the market expected for the services (50.9) and manufacturing (50.0), the St. Lawrence Seaway closed due to strike, a foot of snow on Montana and North Dakota’s fields, basis is firming, widespread rain this week in the Corn Belt to slow down harvest, still no rainy season in Mato Grosso, which means the safrinha corn crop will be planted a month late and run out of water a month sooner than normal, and finally, today, we have a Speaker of the House.
The two most important items are the basis is firming and has been firming for two weeks during peak harvest and the rainy season has not started in Mato Grosso. That means the safrinha (second crop of corn) is getting smaller every day and flirting with most of it not being worth planting after the beans. The ideal safrinha planting window ends February 22nd, and it is shut on March 1st.