Grains closed mostly higher:

Mar Corn +3 1/4 cents/bu (6.05 3/4)

Jan Soybeans +3 1/4 cents/bu (13.32)

Mar Chi Wheat + 3/4 cents/bu (8.14 3/4)

Currently:

Cdn $ +0.00240 (78.100 cents)

WTI Crude Oil +1.06/barrel (73.82)

Farmers must have been on the nice list this year as grains closed out the trading session mostly high.

After the past few days of impressive rallies, grains are taking a breather moving only single digits. With the excitement of the holiday season quickly approaching, it looks as though the market (or more so its traders) are coasting into Christmas. The CBOT will be closed all day tomorrow, and our office will be closing tomorrow at noon.

The export sales report was released this morning for the week ending December 16, 2021. All commodities were within expectations, with new crop corn slightly exceeding estimates. China was the featured buyer of U.S. soybeans in the week ending Dec. 16 at a net 26.8 million bushels. Japan was the featured buyer of U.S. corn in the week ending Dec. 16 at 13.6 million old-crop & 3.0 million bushels of new-crop corn. It was also good to see impressive soyoil sales of 109,500 MT in the week ending Dec. 16, with nearly half going to India.

Forecasts in Argentina expect there to be very little moisture over the next 7-10 days, increasing the crop’s stress. The crop is starting to show signs of degradation now. It will be interesting to see how the forecasts shift over the holiday weekend.

Funds were thought to be all buyers. Corn was thought to have purchased 5,000 contracts (long 355,000), soybeans 2,000 (long 82,000), and wheat 1,000 (long 3,000).

Wishing everyone a wonderful Festivus!