It was a tale of two sides of Friday’s close during the overnight session. Both corn and soybeans traded in positive and negative territory throughout the night. March corn futures traded in a 10 cent range, being up 2 1/2, to $4.40 1/2 at one point, and then down 7 before the morning break. January soybeans traded in about a 24 cent range, with the high coming in at $12.37 1/4 (up 17 1/4), and trading as low as $12.13 1/2 (down 6 1/2). March corn is down 3 1/2 at the break and January beans are up 5 1/4.
This week, with the holiday shortened week, we should expect more examples like we’ve seen in the overnight trade: positive news pushing things higher; negative news (or lack of positives) pushing things lower. Last week, March corn gained 14. Part of the issue for corn is we’re reaching, or surpassing, recent highs. Overnight, March corn traded through the last high, set on November 30th, by a 1/2 cent, before falling hard. Ongoing dryness in South America will continue to support corn, but any surprise rains will negatively impact us.
Last week, January beans were up almost 60. Similar to corn, beans moved into new territory overnight, with January futures trading above the August 2014 high of $12.25. But, here at the break, we’re right on that number. We’ll see what the rest of the day brings, but it could be a major fight between the bulls and the bears as we head into a short week of trade.
Corn down 2 to 4
Beans up 2 to 5
Reminders: the Board of Trade will close at 12:05 on Thursday and remain closed Friday. Most, if not all, of our offices will be open Thursday until Noon and then closed until Monday.
Keep putting in your offers for Old Crop and New Crop, Corn and Beans.