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Dec 20, 2024  

Markets were mixed today with soybeans leading us higher, while corn up 5 and wheat closing unchanged.

Soybean futures have now wiped away Wednesday's 25 cent loss in two sessions.

There is talk that China has been seeking US beans for Mar-May delivery.

US beans CNF Xingang China roughly a $1.00 premium vs Brazil for late spring. That's a big premium to pay for storability. It's also low-hanging fruit for cancellations if a trade war ensues.

Much of today's news is centered around economic and political news. Fundamental grain news is rather scarce.

Equity markets turned around after faltering into the close on Thursday. Equity markets were also under moderate pressure during the overnight trade on news the House had again rejected another spending bill vote..

Inflationary data came in better than expected, helping the equity markets rebound. The Dow is up 750 points and the Nasdaq is up over 400 points.

House Speaker Johnson announced early this morning there would be another attempt to vote a spending bill through this morning.

Bean products are mixed with meal seeing a solid bounce, up 7.50 at 298.50. Oil is .45 lower at 39.99.

The weather outlook for South America remains mostly favorable for crop development.

After some much-needed rains fell across parts of Argentina, drier than normal weather returns over the next week.

Additional rains are expected across a large portion of Brazil. No extreme heat in the foreseeable future.