FROM ALL OF US AT TOTAL FARM MARKETING, HAVE A HAPPY AND PROSPEROUS NEW YEAR!
TUESDAY, DECEMBER 31: The CME has regular trading hours. Total Farm Marketing offices will close at 3:00 CT; there will be no Top Farmer Intelligence report.
WEDNESDAY, JANUARY 1: The CME and Total Farm Marketing offices will be closed.
CORN
Corn futures are trading weaker with losses of 1-1/2 to 3 cents as prices seem to be finding profit-taking after recent gains as the new year approaches. Traders may have been also buying beans and selling corn on spreads. Beans are trading near 8 cents higher. As expected, news is lacking with a very light volume holiday atmosphere as the markets are closed on Wednesday. Argentine weather over the next 10 days is seen as mostly dry.
SOYBEANS
Soybean futures are trading with solid gains of 5 to 8 cents at mid-session as a drier forecast for Argentina is providing underlying support. Traders appear to be interested in buying beans and selling wheat and corn. Volume is light as today takes on a holiday-type atmosphere with markets closed on Wednesday.
WHEAT
Wheat markets are trading lower on Chi and KC by 2 to 4 cents, while Mpls is trading 1 to 3 cents higher. Prices started with a bang on the overnight, moving 4 to 5 cents higher, yet it appeared that it ran out of steam and this may have been a signal for traders to move out before the end of the year. Markets are closed on Wednesday for New Year’s Day. A potential hook reversal is forming on charts and once prices move into negative territory, it is likely that stops were triggered. Wheat will continue to likely find underlying support from expectations that export sales activity could be on the rise as drier weather elsewhere provides concern that exportable supplies will be on the decline.
CATTLE
Cattle markets are trading quietly at midday as the market tries to find direction and is failing to do so. Futures are mixed with Dec up 30 and Feb down 25 in light volume. An undefined cash market is also allowing prices to drift. Markets are closed Wednesday.
HOGS
Hog markets are finding strength in front-month Feb on light volume and short-covering gaining 1.00 at mid-session trading at 71.57. Deferred months are 20 to 60 points higher. Expectations for firming cash is helping to provide underlying support.
Author
Carol Tillmann