Yesterday, corn was supported by a robust export sales report and continued rumors about more Chinese business to come. March corn futures were up almost 3 on the day and December of 2021 was also up 2 3/4. Soybeans were also supported by rumors of more Chinese business as well as the ongoing concerns in the vegetable oil industry. Soy oil gained 81 points, just shy of a penny a pound. This equates to more than $16 per ton. January soybean futures were up 15 cents yesterday.
The overnight session was a little lower for both corn and beans. Without fresh export sales and/or confirmation of detrimental weather in South America, the market will continue to bounce around, and struggle to continue to go straight up every day. Crude oil is trying to stay above $45 per barrel. This, and the ongoing reduced gasoline demand is putting pressure on the ethanol industry.
Corn 2 to 3 lower
Beans steady to 1 lower
Next week, the USDA will release their latest WASDE report. This will be issued on Thursday, Dec. 10th at 11 A.M. While we don’t normally expect major changes in a December report, this year is anything but normal. Continue to get your offers in and continue to use the days when we have a price spike to cash out a little more of your inventory, and/or make sales for New Crop. Let us know how we can help.