Welcome to December
For the week: March corn +2 cents, December 24 corn +3 cents, January soybeans –5.25 cents, November 24 soybeans +2.25 cents and March wheat +24 cents.
We are now in the final month of the year and move past the December corn contract, can corn get a meaningful rally into the 1st quarter of the year? It will need some help as we expect US corn production to continue to increase on the final WASDE in January so either Brazilian weather or better demand for our exports will need to do the work. The soybean balance sheet should remain relatively tight, but we will be watching the forecasts closely as a pattern change for Brazil will be bearish soybean prices and with positive margins for 2024 soybean crop should be protected. For Sunday night, we will use 4.72 & 4.90 for support and resistance in March corn and 13.22 & 13.52 for January soybeans. NFC Grain Afternoon Comments. (32)