- Markets trading mixed this morning with January soybeans seeing some buying interest.
- Markets close at the normal time today, but do not re-open until Friday morning at 8:30am CST with a noon close that day. If you need anything on Friday, do not hesitate to call or email.
- December options expire on Friday’s shortened session.
- The USDA will release their first acre estimates for their baseline numbers next Tuesday. The rest of the numbers will be out in February. Their soybean acre prediction last year was off by 5 million acres.
- Current market thoughts are that we see a small bump in corn acres year over year and a small reduction in soybean acres. That of course is subject to change based off price movement over the next couple of months.
- Cash corn markets remain firm-ish while soybeans saw some bids improve yesterday as well. Corn spreads did pull back from highs yesterday.
- Corn technically is bumping into resistance at its 20 DMA in the mid-3.40’s, and the trend is mostly sideways.
- Soybeans are at the middle of their recent trading range with support at 9.80 and resistance at 10.00.
- Wheat remains stuck in its range with support at 4.20 and resistance 4.30.
- Brazil continues to catch rains over the next few weeks.
- Argentina has chances for showers in the extended forecast, but confidence is low on whether or not that materializes.
- No major changes in the outlook this morning. I still think we could see a short-covering bounce in the nearby contract to the 3.60 area. Keep an eye on spreads as they did pull back from the highs yesterday.
- Soybeans are starting the day off firm with traders keeping an eye on South American weather. With the market in the middle of the range, we have seen for the last several months, it could go either way from here.
- Wheat is lacking of a reason to make a big move in either direction.
Fun Fact of the Day: Only male turkeys, called toms, gobble. Females, called hens, cackle.