Dec 21, 2016
Grain Marketing Specialist
Until the beans decided which way to turn, corn traded sideways for a while then got drug down by the weakness in the beans. Corn ended the day down 3. The market had a narrow range on the overnight with it slipping down another penny. The DJIA inched closer to that 20k mark yesterday. The corn market especially the bulls are looking for fresh news to spur the market and they are just not getting it.
Soybeans: 5-8 Higher
The focus is still on SA weather as they are forecasted to get goods rains for the next couple of weeks. That prediction put heavy pressure on the beans yesterday as we saw them down 16 ¼. We came close to that $10 for Jan beans yesterday, a value that we have not seen since 11/21. We saw a slight correction in pricing on the overnight as most contracts were up 4
Wheat: 2-5 Lower
Wheat complex tried to be the shining light in the dark but just could not hold on to positive numbers around mid-morning. KC was down 1 ¼ and Minney down just a penny. That weakness spilled into the overnight as KC down 2 and Minney down fractionally. With still a larger world supply, a strong US $ and a large range of bearish news continues to put pressure on prices.