Floor Talk, December 26, 2018
In early trading, the March corn futures are 3/4¢ lower at $3.77. May futures are 1¢ lower at $3.84.
January soybean futures are unchanged at $8.84. March soybean futures are unchanged at $8.97.
March wheat futures are 3 1/2¢ higher at $5.20.
March soymeal futures are 0.80¢ per short ton higher at $312.60. March soy oil futures are 0.15 lower at 27.88¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.39 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 21 points lower.
Britt O'Connell, Cash Advisor for Commodity Risk Management Group, says that the markets are lacking news this morning and with that continue to drift lower.
“It very much appears as if the rally we experienced in soybeans was a buy the rumor sell the fact market. Corn was once again along for the ride. We continue to monitor the corn to soybean spreads as we move into the coming year,” O’Connell says.
O’Connell adds, “While corn in itself has a decent story to tell by way of supply and demand, it has to be cautious that it does not buy too many acres. South America's crop continues to look like it could challenge production records, harvest will soon be starting in the most Northern regions. As yield data starts to become fact, the market will respond accordingly.”
In a time of year where we typically do not see much by way of market moving news, we look for this market to see some selling pressure and stay relatively range bound, O’Connell says.