Corn 1 to 2 higher
Beans 2 to 4 higher
The overnight session brought a continuation of the recent trend, with both corn and soybeans trading mostly higher. Both are in the green at the morning break. Strength is coming from the prolonged dryness in South America and more optimism for export sales, especially to China.
On the negative side, wheat prices finished last week lower and are down again this morning. Along with that, there appears to be an end in sight to the strike in Argentina. If we do start to trend lower, it feels like soybeans have some decent support in both oil and meal. After struggling for a few weeks to break through the 40 cent/pound barrier, soy oil is now around 41.5 cents. The same holds true for soybean mean, as it has moved past the $400/ton barrier and is currently trading around $420. And after all of the difficulties of moving through $12 on soybeans, it looks like that is a support level. January bean futures are currently around $12.65.
We continue to encourage selling the spikes. Get some offers in at levels above the recent highs, whether for corn or soybeans, Old Crop or New Crop.