Grains are lower in overnight trading:
Mar Corn – 3 cents/bu (6.01)
Mar Soybeans – 5 ¾ cents/bu (13.81 ¾ )
Mar Chi Wheat – 8 ¼ cents/bu (7.37 ¾ )
Cdn $ +0.00040 (78.58 cents)
WTI Crude Oil +0.58/barrel 980.04)
Grains, once again, have traded both sides of unchanged overnight, with fairly wide trading ranges. Weather in South America continues to be supportive, with little moisture forecast for Argentina and southern Brazil for the next 10 days. However, technically, we have done some damage to the charts, and the lack of meaningful export business has emboldened sellers to take profits from current elevated price levels.
We should expect to see trading volumes start to slow down as we move towards next Wednesday’s USDA January Supply and Demand report releases. These reports will publish the final USA production numbers for 2021, update South American production forecasts, provide December 1st USA Quarterly Stocks, as well as any tweaks to USA and global demand. Wednesday will provide a massive “data dump” for grains, which will no doubt provide some market surprises………the million dollar question is “in which direction”?