We hope everyone had a great Christmas!
Markets will start trading this morning at 8:30 am. They settled close to even or slightly lower on Monday when they closed at 12:05.
The corn and bean markets are dealing with light volume due to most traders gone for the Christmas holiday which we will more than likely continue to see throughout this week into the New Year. The disappointment over lack of sales to China continues to weigh on prices. With the government shutdown looming and the holiday some delays to our typical crop reports have happened which of course make new headlines in the grain world even more scarce. The bullish side of trade had been holding on to the hope that we will see an adjustment on the January USDA reports, but if they are not released there will definitely be an information gap that will not be very friendly at all to the grain markets. We are also contending with the fact that the South American crop is developing nicely which will keep some of the upside potential at bay until there is a better idea of where they’re sitting with production. With Brazil’s harvest only 2 or 3 weeks away and given the U.S. soybean stocks are record large, it is tough to get too excited about buying the soybean market.
Expectations this morning are that the markets will open on either side of steady with no fresh news out over the past couple of days to move the market big in either direction.
Have a great day!