Everybody on the CME Group floor over in Chicago seems to be running for the exits now! And, who can blame them, with Christmas coming up this weekend? We ended the day higher for corn and soybeans and just into the red for wheat. March corn ended the day at 6.20 1/2, up 2 3/4 cents, January beans were 1 1/4 cent higher at 11.63 1/2 and March wheat was down 1/4 cent at $6.21 1/2.
Volume remained light all day, and that's largely to blame for wheat drifting slightly lower. Otherwise, we've had a nice run for corn and beans this week. Look for that to probably continue next week once the trade resumes Tuesday morning (no overnight trading Monday night, I'm hearing). But, like Ron and Sue Mortensen said in their column this week, it could be a wild ride next week when trading starts up again after a 3-day weekend to sit and watch the weather in South America (that is, if there's no major change).
Anyway, thanks for hanging in here with me this week! Appreciate all the kind comments and dialog! Let's get it started again next week!
At any rate, on behalf of everybody here at Agriculture.com, I want to wish you and your family a very Merry Christmas! Hope you all can kick back and enjoy yourselves!
Have a great one! See you here again next week!
Jeff
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So, the lower start's turned around and it looks like, barring any last-minute profit-taking, we are probably heading toward a slightly higher close today. At noon, March corn's 2 3/4 higher at $6.20 1/4, March wheat's 3 3/4 higher at $6.25 1/2 and January beans are 3 1/2 higher at $11.65 3/4.
Everybody see Scott Shellady's post this morning? He said this week's been the longest corn rally of the year! How about that? All because the B-Team's in or this South American weather doing it? I'll hope for the former, but think it's probably the latter!
Anyway, sounds like the CME floor's probably starting to already look like a ghost town! We'll be fairly quiet the remainder of the session, it sounds like.
More in a few...
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Any Seinfeld fans out there? I'd be remiss if I didn't wish you a Happy Festivus today! If you are a Seinfeld fan, you know what I'm talking about. If not, you probably have no clue and you're wondering if I've gone nuts!
Anyway, we're starting a little lower this morning: March corn is 3/4 cent lower at $6.16 3/4 per bushel, January beans are 1 1/4 cents lower at $11.61, and March wheat is 1 cent higher at $6.22 3/4.
But, all the talk's of things moving higher through today. Sounds like the attention's really getting sharp on the weather in Brazil and Argentina. Do I sound like a broken record yet? Needless to say, that means there's still a lot of upside potential for the grains despite some lower early trading as traders look to limit their risk exposure ahead of the 3-day weekend.
So, that's the story so far! More in a few...
Jeff
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Another column here for something to chew on with your coffee this morning, this one from Ron and Sue Mortensen. They expect a pretty wild trade next Tuesday when things resume after Christmas (there's no overnight trade on Monday night, either). The main reason: The weather trade will likely be a little more potent after the extra day off:
Given the weather market that has developed for corn and soybeans, this means an uncomfortably long period of time (and many weather model runs) before the next chance to trade. Therefore, look for wild trade on Tuesday based on weather forecasts.
Think that's right? Will this market continue trading this S.A. weather deal indefinitely, or will it eventually reach a terminal velocity and lose steam? If so, what price will it take for that to happen?
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Everybody get a chance to see Ray Grabanski's latest column? He says the technicals are still pretty cloudy, but mostly signaling lower prices. What do you think? A little more from Ray:
The trend remains down, and until a new direction emerges, perhaps the best thing to do is be patient, and wait for a more definite price direction to emerge from the market.
Here's his column. So, is he right?
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Good morning! Everybody about ready for Christmas? Sounds like a lot of folks on the CME Group floor are, too. Sounds like we'll have pretty light volume today, and though we've got higher prices right now and higher early calls, we could see prices dip into the red as traders even up their positions and possibly take a few profits -- maybe an early Christmas present for themselves?
Early calls for the grains are corn 1-3 higher, soybeans 3-5 higher and wheat 2-4 higher. In the overnight session, March corn traded 1 1/4 cents higher at $6.18 3/4 per bushel, March wheat was 3 higher at $6.24 3/4 and January beans were 3 1/4 higher at $11.65 1/2.
Pretty quiet day around here today, too! Hope everybody's doing well this morning! B-Team's in for the day!
More in a few...
Jeff
