Grains are slightly higher in overnight trading:

Mar Corn unchanged (5.91 ¼ )

Jan Soybeans + 3 ¾ cents/bu (12.81)

Mar Chi Wheat + 1 ¾ cents/bu (7.72 ¼ )

Cdn $ -0.00130 (78.025 cents)

WTI Crude Oil -1.52/barrel (70.86)

Moderate trading volumes overnight, as old crop soybeans continue to be the market leader.  Strong demand for beans domestically is the reason for strength in values, as both soyoil and soymeal are seeing good consumptive  demand.  This has allowed old crop soybean futures to spike to a one month high overnight.

Private analysts HIS Markit yesterday raised their 2022 USA corn planted acreage projection from 90.8 million acres to 91.6 million acres, but still well below last year’s 94.0 million acres and below the current USDA forecast of 93.3 million.  HIS Markit pegs 2022 soybean plantings at 88.8 million acres, up from their previous forecast of 87,9 million acres which is higher than 2021 USA bean acreage of 87.7 million (USDA is currently forecasting 2022 bean acres at 88.4 million)

Argentina was dry over the past 24 hours, with the next 10 days looking dry there as well, with the exception of extreme western crop areas.  Brazil had heavy rains in the north, but was dry in the south yesterday.  That pattern looks to remain in effect through the end of December, which is allowing moisture stress to build in southern geographies