HAPPY NEW YEAR!!!!

Grains are solidly higher in overnight trading:

Mar Corn + 7 ½ cents/bu (6.00 ¾ )

Mar Soybeans + 23 ¼ cents/bu (13.62 ½ )

Mar Chi Wheat + 4 ½ cents/bu (7.75 ¼ )

Cdn $ -0.00225 (78.825 cents)

WTI Crude Oil +0.29/barrel (75.50)

2022 is starting out the year with a nice bounce higher in grain prices.  Values have been higher since the opening bell, as the trade puts last week’s profit taking close to 2021 behind them.  While overnight trading volumes continue to be light, the market is cognizant that overall demand prospects remain very strong.

Weekend rains were solid in central and northern Argentina over the weekend, with more showery activity expected for the balance of this week, before turning hot and dry again next week.  Brazil saw heavy rains in the east and northeast, with more of the same this week.  Brazilian precipitation coverage looks extremely strong next week, except for the far south.

Later this morning, we will get the USDA Weekly Export Inspection Report, and after the close the CFTC weekly report on fund positions in commodities (delayed from last Friday due to New Year’s Eve).

Floyd Howard | Grain Merchandising Manager | Wanstead Farmers Co-operative Company Ltd. |