MarketEdge PM Comments

(Allison Ryan)

Grains were mixed today, during a relatively quiet week in between holidays and light trading volume. Nearby corn was down 3¾ and December was down 3. January beans were up 3½ and new crop was steady. Wheat was also down.
 

• A little profit taking occurred on both corn and wheat, after a decent uptick yesterday, as traders were hoping to add a few dollars closing out the year.
• The Mexican border reopened, alleviating the need to get corn and (more especially) wheat to our southern neighbors.
• Russia and Ukraine are at it again in the Black Sea, which should in theory help the wheat and corn markets.
• South American bean harvest has started, earlier than ever before, but in the particularly dry areas that should have a yield hit- we shall see as we get into the better weather/producing areas as to what kinds of yields are average for the year.
• Corn shipments were on pace and expected, while bean exports were a bit dismal.
• Corn basis did improve a bit in parts of the Corn Belt, doing the work to get some more grain moved in a historically slower week as producers belly up to the dinner table instead of hauling corn!
• The Dow was up, crude was down, and the dollar was weaker.

 
Have a great evening.