Corn: steady to 1 higher
Beans: 2 to 3 higher
The Board of Trade will reopen at 8:30 AM this morning, following the Christmas holiday break. Many parts of the world remain on holiday break until next week. Palm oil continues to be one story to pay attention to. Reduced production estimates, leading to reduced exports have pushed those values higher. Soy oil continues to follow, pulling the rest of the soy complex steadily, if not slowly, higher.
International weather is also something to watch. South American weather has been decent recently, but Australia continues to be dry, with no end in sight to the drought or wildfires they have been experiencing. Any further reductions in wheat production should support corn values.
We’ll also be keeping an eye on the 100 day moving average for March corn futures. Going home Tuesday, that number was $3.88 3/4. With a close Tuesday of $3.87, we don’t anticipate much of a move higher the rest of the week, as we should expect a low volume of trade activity.
The next major item to prepare for is the January 10 USDA WASDE report. Many in the industry expect some revisions to either acres or yield, or both, especially for corn. Until that is released, we could be in for a low volume, sideways trend. We continue to encourage offers ahead of this report. Let us know what you are hoping for, and we’ll work with you to get those offers placed.