Another impressive run yesterday for corn and soybeans. March corn futures notched their 12th straight day of higher closes, ending the day 9 1/2 higher at $4.66. January soybeans added 40 1/4 yesterday, closing at $12.95 1/2, after a high of $12.98 3/4.
The overnight session was not nearly as kind, with both trading mostly in the red. News from South America is the main feature. The strike in Argentina has been resolved after 20 days. As mentioned previously, this won’t impact production or demand, but it will relieve a backlog of more than 160 vessels waiting to load product. Brazil also had some beneficial rains over the last 24 hours, with decent rains in their corn and soybean areas. More rain is expected through the weekend and into the 6 to 10 day forecast.
In the U.S., beneficial rain and snow from Oklahoma to Illinois is causing some optimism for wheat production. More precipitation in the forecast across southern parts of the U.S. and into the Eastern Corn Belt have put the brakes on the recent corn and wheat rallies.
Corn mixed: 1 lower Old Crop; 1 higher New Crop
Beans 4 to 7 lower
The next WASDE report will be January 12th.
Most Landus offices will be closing at Noon Thursday and remain closed on Friday. The Board of Trade has a normal day Thursday and then closed until Sunday night.
Have a SAFE and happy New Year.