December 23rd, 2013
Christmas Trading Schedule
Dec. 24th Grain Markets will close at 12:00pm. Livestock Markets will close at 12:15pm
Dec. 25th No Markets
Dec. 26th Grains will open at 8:30am. Livestock will open at 9:05 am, both closing at regular times.
Corn as of 8:00 am, steady to 1 lower.
Corn is holding its own this morning. Argentina did not get as much rain as expected over the weekend with only 30 percent coverage. Hot temps are to persist down there putting stress on crops. US cattle on feed are down 5.5 percent from last year. Placements are down 3 percent. China still rejecting US corn shipments. Interesting note; Corn faces 100,000 + index fund buying, in the first two weeks of January, to rebalance balance sheets. Corn support at $4.20 futures and resistance is at $4.40.
Soybeans as of 8:00 am, 1 higher
Soybeans remain a little higher this morning. Weather in South America will keep the bean market supported. China still interested in US soybeans for Feb-Mar time frame. China’s total purchases from the US are at 24.8 million metric tons versus the 21.6 million metric tons last year. Reminder! Those that have Hedge To Arrive contracts or Basis Fixed contracts, against the January futures, be in contact with your Grain Marketing Specialist, or your local Wheat Growers elevator location, and get a plan set. They will need to be priced or rolled by 12:00 pm (noon) on Jan 30th. Support for the soybeans is at $13.25 futures, resistance is at $13.50.
Wheat as of 8:00 am, Spr. Wheat, 2 lower. Win. Wheat, 5 lower.
Wheat is down in both the Minneapolis and Kansas City exchanges. Wheat just seems to be hanging out in limbo. There are no real production problems in the world. This market, ultimately, just seems to be heading lower. Spring Wheat support is at $6.45 futures. Winter Wheat support is at $6.51 futures.