Grains are relatively unchanged on this foggy morning:
Mar Corn +0 cents/bu (5.91)
Jan Soybeans + 1 1/2 cents/bu (12.93 3/4)
Mar Chi Wheat -1 1/4 cents/bu (7.76 1/2)
Cdn $ +0.00145 (77.370 cents)
WTI Crude Oil +1.06/barrel (69.67)
Grains traded in a tight range overnight. Corn held between a 3 ¾ spread, Soybeans were within 8 ¾ cents, and wheat was within a 10 ¼ cent spread.
Expanding dryness is a developing concern for South America, specifically Southern Brazil, and Northern and Eastern Argentina and Paraguay. As a result of this weather, Crop Consultant Dr. Michael Cordonnier lowered his Brazilian production pegs by 2 MMT for soybeans to 142 MMT & by 1 MMT for corn to 115 MMT.
Ethanol margins are looking good, but ethanol stocks are growing.
Today marks the first day of winter! According to the internet, it is also national crossword puzzle day in case you are looking for something to do on this cool winter morning!