WASDE did not give us enough.
Soybeans are trading lower with the rest of the soybean complex while corn is almost 5 cents higher. Soybeans and soymeal have been trading higher for 2 weeks while soyoil has been weak for almost 3 weeks. We have been looking for the oilshare trade to revert quite a bit once the funds have liquidated most or all of their speculative long soyoil short position soymeal positions after the less than bullish EPA blending level proposals. So, this could be the start of this pullback. USDA released their December projections on Friday and they gave us less than we expected and we did not expect much but what we got was a 75 mbu cut to corn exports and cut Ukraine corn production but bumped their exports. They left SA numbers unchanged for corn and soybeans and we thought they would start cutting Argy soybean production. There will be a lot of fresh info coming at us next month so we need to be prepared. Funds were big sellers of corn and soyoil on the last report and have cut their net long in corn to 119K which is a very modest long/manageable long for the market. Corn has held up very well considering that much selling into last Tuesday. It did take corn down to 635 but that level held and has put 12 cents back on so far. Seasonally corn likes to work higher this time of year as farmer selling slows and traders anticipate the January numbers. For today we will use 6.42 & 14.55 for support and 6.55 & 14.96 for resistance. NFC Grain Comments Options -12.12.22 (1)