MarketEdge AM Comments

Dec 22, 2023


(Phil Knuth)

Good Morning.  Corn futures were steady/slightly higher and soybean futures were higher overnight.  March corn finished the overnight session up ¾ of a penny, settling at 4.7325.  January soybeans were up 4 ¼ cents, settling at 13.0150.  In the outside markets, as of 7:40am:  The US Dollar Index is off 230 points, trading at 101.612.  February crude oil is up 53 cents, trading at $74.42 per barrel.  Precious metals are all higher.  Industrial metals are mixed.  The Electronic Mini-DJIA is off 114 points, trading at 37,642.  As we head into a long holiday weekend, corn and soybean futures appear to be content to continue what they’ve been doing as of late, virtually nothing.  Expect a rather quiet trading day to end the week ahead of an extended break from trading.  Following today’s close, the Chicago Board of Trade will not resume trading until 8:30am on Tuesday.  River Valley Cooperative offices will be closed on Tuesday since Christmas Eve falls on Sunday, however, there will be a grain merchandiser available at the main office while the Board of Trade is in session:  Dial 563-285-1736.  Yesterday, the funds bought 2000 contracts of corn, sold 6000 contracts of soybeans, and bought 2000 contracts of wheat.  They are now estimated to be net short 165,655 contracts of corn, net long 16,750 contracts of soybeans, and net short 75,110 contracts of wheat.  This afternoon’s CFTC Commitment of Traders Report will show actual managed money positions as of Tuesday.  From a chart perspective, March corn finds initial support at the overnight low, 4.7150, followed by the contract low charted on Wednesday, 4.6825.  Initial resistance is at the double-high charted yesterday and overnight, 4.74, followed by the 4.80-4.85 area, and then 4.9375, the five-week high charted on December 6th.  January soybeans find initial support at the overnight low, 12.94, followed immediately by 12.92, the two-plus month low charted on December 7th.  Initial resistance is at the psychological 13.00 mark, followed by 13.0350, the overnight high, and then this week’s high charted on Tuesday, 13.2875.  Opening calls are steady/higher.
 
Have a great Friday and Merry Christmas!!!!!
 
 

Read More News

Dec 30, 2023
March corn closed down 3 at 4.7125 and May corn closed down 2 ½ at 4.84.
Dec 28, 2023
Good Morning.  Corn and soybean futures finished the overnight session slightly higher. 
Dec 27, 2023
Grains were mixed today, during a relatively quiet week in between holidays and light trading volume.