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December 31st - Morning Market Commentary

12/31/2021
December 31st - Morning Market Commentary

Grains are mixed in overnight trading:

Mar Corn – ½ cents/bu (5.95 ½ )

Jan Soybeans + 2 ¾ cents/bu (13.30 ½ )

Mar Chi Wheat – 3 ½ cents/bu (7.76 ¼ )

Cdn $ +0.00185 (78.65 cents)

WTI Crude Oil -1.29/barrel (75.70)

Grain futures are relatively steady following yesterday’s big sell off.  Trading volumes are expected to be light today, as the number of market participants are reduced due to New Year’s Eve.  Overnight, we saw the market trade both sides of unchanged, but with some weather challenges still ahead for South America, no one wants to push this market too far in either direction.

As we get ready to turn the calendar to 2022, focus next week will clearly be on South American production potential, and the upcoming January 12th USDA reports which will include final 2021 USA production numbers, December 1st USA quarterly grain stocks, and 2022 USA winter wheat acreage.

The Buenos Aries Grain Exchange reported that the Argentine wheat harvest is 90% complete.  They also raised their wheat production estimate to 21.5 million tonnes, an all time record high.

Argentina was dry yesterday but some beneficial rains are expected this weekend and early next week; precipitation will be light overall, though, as overall moisture shortages remain. 6-10 day maps remain dry for ARG. Good rains fell across Brazil over the past 24 hours, with a similar wet pattern lingering in the north and northeast over the next ten days. Overall dryness continues in the south, though some rains are possible later next week there. The U.S. was dry over the past 24 hours with some snow falling in South Dakota this morning; a winter storm is moving through the southern Plains and Midwest through tomorrow, heaviest in eastern OK through the Ohio River Valley. Action shifts into northern crop areas for the 6-10 day time frame, dry throughout for the 11-15 day. Cold temps remain for the next ten days, with warm conditions moving back in to the western U.S. and Plains for the 11-15.

There will be no midday market commentary today.

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