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Today is officially the shortest of the year! On the plus side... it is only up from here! The "up-from-here" mentality seemed to ring true for corn and wheat today, but soybeans had a mind of their own... due to South American rain of course. The corn market had its lowest volume trading session in over a month & ½ today as the holidays loom.
The Canadian dollar remains strong, putting pressure on basis values.
Scattered rains continue to narrow areas of stress in Center-West Brazil, although forecasters think that up to a quarter of Brazil’s soybean belt may miss out on rains with the current system. Commodity Weather Group remains skeptical that everyone will see the rains, although the models are more encouraging than they've been for a long time. Early soybeans won't benefit much, but mid- and late-planted soybeans could benefit a great deal from the rains. Talk of 1-1.5" has been circulating social media throughout the day today.
The USDA did not announce any new daily export sales this morning for the second consecutive day. Export sales however showed pretty good volumes. Although U.S. corn export sales were a 7-wk low last week. Soybeans had their second best week of the last year including 1.3 mmt of gross new sales to unknown. Mexico was the featured buyer of US corn in the week ending Dec. 14 at a net 13.6 million bushels. China bought a net 5.4 million bushels, but it was all already on the books as "unknown destinations". Unknown destinations bought a net 28.9 million old- & 4.6 million bushels of new-crop US soybeans in the week ending Dec. 14. China bought a net 25.7 million bushels, although 4.9 million of that was already on the books as sales to unknown destinations.
Funds were thought to have been mixed with corn and wheat as buyers and soybeans a seller.
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