Grains seeing strength in the overnight session with wheat up 4 ½ cents, corn unchanged, and beans up 4 ¾ cents.
Argentina’s newly planted soybeans and wheat quality could be at risk with what looks to be a stagnating weather pattern through the end of December.
Wheat futures have rallied on higher Russia prices. Russia may soon have meeting with exports about limiting wheat exports over a certain amount.
Corn futures have found support from talk that in January, China may buy US corn. This could help trigger additional buying. Increase farmer selling could limit gains.
Chart of the Day
Today’s chart is the January soybean seasonal, including recent seasons and the three and five-year averages, along with SF9 progress so far. SF9 has been settled in the $9.00- 9.25/bushel range in the month of December, after a run at $8.25-$9.00 basically throughout the crop season. We are still lagging a bit below last year’s comparable levels (SF8 peaked at $10.15/bu on 12/5/17, declining to close around $9.40/bu by expiration), though carryout is almost exactly half a billion bushels more than last year at this point.