Dec 22, 2016
Grain Marketing Specialist
Friday December 23, markets close at 12:05 pm CT, CHS Hedging will be closing at 1:00 pm CT, and markets will reopen Monday December 26, at 7 pm.
Corn: Down 2-5
Corn market was unable to stop it losing streak yesterday as corn was down 3 for the fifth straight trading session. Corn fell another penny on the overnight also. Corn may be in holiday cruise control until after the New Year. Ethanol Production of 1.036 million bpd was a decline of 4,000 bpd from last week, but still the 2nd highest level ever. Even with the strong production, stocks stayed flat this week. This is about the time we start to see a small seasonal de-cline in production. Margins remain good so that might temper the decline a bit.
Soybeans: 2-5 Lower
Beans were able to stop the bleeding with a small positive close of 1 ½ but could not hold on that momentum on the overnight with beans closing down 7. With the big rains now come the idea of a big crop 1-5-day forecast has central Argentina getting moderate rain with Northeastern Brazil remains dry. Another factor to watch is how the Brazilian Real is performing. It has been firming up the last few days. If this continues may cause a slowdown in farmer movement and also affect export.
Wheat market had sympathy again with the row crop yesterday with KC 3 ½ and Minney down 1. We did see them perk up a little on the overnight as KC closed unchanged and Minney was up fractionally. With the recent cold snap ending has put an end to any sympathy KC was getting. Still the big elephant in the room is a larger global supply will continue to put pressure on Wheat.