CORN
Price closed $.01-$.02 lower in choppy 2 sided trade. Early strength enabled old crop contracts to trade to a 6 month high. Mch-25 traded above $4.55 ½, the 50% retracement from the Spring high to the August low. Next resistance is at $4.68. Spreads were slightly weaker. Dry conditions across Central Argentina have stretched into EC regions of the country along with western RGDS in Southern Brazil. Little if any moisture is being offered over the next 10 days to 2 weeks. Showers will be needed by mid-Jan. to prevent yield threatening stress. Export inspections at 35 mil. bu. were in line with expectations however below the 52 mil. bu. needed per week to reach the USDA export forecast of 2.475 bil. bu. YTD inspections at 605 mil. are up 29% from YA vs. the USDA forecast of up 8%. Noted buyers were Mexico – 11 mil. and Japan – 7 mil. The BAGE raised their Argentine corn acreage forecast .3 mil. HA to 6.6 mil. HA’s. Plantings have reached 81% complete, vs. 66% the previous week.

SOYBEANS
Prices were able to close higher across the complex in 2 sided trade. Beans were $.02-$.04 higher, meal was up $1-$2, while oil was 20-30 better. Mch-25 soybeans for now rejected trade back above $10 and its 50 day MA. Support below the market is at LW’s low at $9.71 ¾. Mch-25 oil consolidated above $.40 lbs. however within Friday’s range. Prices found support on the announced sale of 28k tons of bean oil to India. After trading to a 2 month high, Mch-25 meal backed up close to its 100 day MA support. Spot board crush margins improved $.04 to $1.20 ½ as bean oil PV held steady just below 40%. Frequent rain activity will continue for most of Brazil’s central and northern growing regions. Heavy rains in Eastern Mato Grosso, Goias, into Minas Gerais may generate isolated flooding. In the US precipitation over the next week will favor the central Midwest. Little moisture is offered for the NC Midwest along with the Southern plains. Temperatures will quickly shift to a below normal pattern for the New Year. Export inspections at 58 mil. bu. were in line with expectations. and well above the 19 mil. needed per week to reach the USDA export forecast of 1.825 bil. bu. Last week’s inspections were revised up by 1 mil. bu. bringing YTD inspections to 1.057 bil. up 23% from YA vs. USDA forecast of up 8%. China took 28 mil. with 8 mil. going to Egypt. The BAGE lowered their Argentine soybean acreage forecast .2 mil. HA to 18.4 mil. HA’s (45.5 mil. acres). Plantings are 85% complete, vs. 77% the previous week.

WHEAT
Prices were mixed in choppy 2 sided trade. Chicago and KC managed to close $.01-$.02 higher while MGEX futures were off $.01-$.02. There are better prospects for beneficial rains across the Black Sea region thru the first week of January. Export inspections at 12 mil. bu. were in line with expectations however below the 17 mil. needed per week to reach the USDA forecast of 850 mil. bu. YTD inspections at 451 mil. are up 27% from YA, vs. the USDA of up 20%. The BAGE left their production forecast unchanged at 18.6 mmt, just above the USDA forecast of 17.5 mmt. Harvest has reached 89%. Egypt claims they have secured enough wheat to cover their needs thru June with recent purchases from Russia. IKAR reports that Russian wheat prices ended last week at $237/mt up $3 from the previous week. Russia’s Ag. Ministry lowered their wheat export tax 9% to 4,346 roubles/mt for the period ending Jan. 14th

Charts provided by The Hightower Report.
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