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Quiet News today kept the trade in the tighter ranges to close. Into the New Year, we will be watching the January supply and demand reports on January 12th for updates on production estimates. Apart from the obvious factors such as South American weather, Chinese demand, and U.S. production, on a global scale there are some other things to keep an eye on that may influence grain prices going forward....
- Black Sea Tension/Grain Corridor
- Panama Canal Dryness (Boat Logistics)
- Red Sea Tension (Greater demand to move through)
- CAD$ Strengthening
- Trade relations with China & Others
The EIA report today showed commercial crude oil stocks down 6.9 million barrels to 436.6 million, while ethanol stocks increased 0.6 million. Ethanol production increased 36 thousand barrels per day to 1,107 thousand.
Mid-day weather forecasts from Commodity Weather Group (maps below) ran wetter for both Brazil and Argentina during the 6-10 day time frame, but drier again for BRZ for the 11-15 day.
Funds were thought to have been mixed today with corn and beans sellers and wheat a buyer. Export sales are due out tomorrow.
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