Afternoon Market Highlights


Highlights

Quiet day in the grain markets, despite the rally in the wheat market. The soybean market seemed to have run out of gas after stronger moves earlier in the week.   

  • The energy markets are mostly weaker with crude oil barely hanging on in positive territory.The nearby crude is up 4 cents at $61.71/barrel.
  • The US$ is down 567 (breaking 97.0) at 96.96, the gold market is up 2 bucks at $1,512/ounce and the CD$ is up 0.0018 at 0.76545.
  • DJIA is up 58 at 28679, S&P unchanged at 3244 and the NASDAQ down 4 at 9018.
  • The Ag markets trade regular hours on Tuesday, New Year’s Eve, are closed on New Year’s Day. Trade will resume at 830 CT on Thursday, January 2nd.
  • First Notice Day is Tuesday, Dec 31st with all long positions being reported after the close on December 30th    

Corn

The corn market struggled to find a reason to rally into the weekend and ahead of the New year’s Day Holiday next week.  Year- end position squaring was noted. Overall trade was thin. 

  • Closes: March at $3.90, up 1 ½ cents, July at $4.02 ¾, up 1 ½ cents, September at $4.02 ½, up 1 ½ cents and December at $4.03 ½, up ¾ cent.
  • The corn market traded slightly higher, from lack of fresh supportive news. Corn prices was not running higher with the rally in the wheat market or the weakness in the US$.
  • The March did poke above $3.90 and managed to hold at that level for the close. Pretty steady week overall.
  • Spreads: a tad wider with H/K 7 carry......H/N 12 ¾ carry.... N/Z ¾ carry. 

Oilseeds

Soybean prices were on the defensive from a bout of profit taking ahead of the weekend. There could have possibly been a bit of buy the rumor/sell the fact with confidence building that there will be a signed Phase One trade deal in January, between the Us and China. There could have been a bit of year-end positioning ahead of the New Year’s Day Holiday next week. 

  • Closes: March at $9.41 ½, down 5 cents, July at $9.66 ¾, down 3 ½ cents, November at $9.69 ¾, down 2 ½ cents. The products were mixed with meal down 4 bucks and oil up 35 points.
  • Spreads: Widened out with F/H 12 ¾ carry......F/K 25 ¾ carry.... F/N 37 ½ carry......N/X 2 ¼ carry .......X/F 3 ¼ carry. 

Wheat

Chicago moved higher on a strong technical note from the close yesterday. KC took a run along with Chicago. Funds were holding a decent short position in KC, leaving it vulnerable to short covering......and Mpls traded higher although lagged KC and Chicago. 

  • March closes: Mpls $5.53 ½, up 6 ¼ cents, KC at $4.80 ½, up 10 cents and Chicago at $5.56 ¼, up 7 ¼ cents.
  • Talk of dryness in Ukraine and reductions in the Russian crop, seemed to have stirred the market.
  • Weekly export sales were decent again this week with the following breakdown: HRW 8.3 mb.......HRS 7.36 mb.........SRW 2.0 mb......White 6.2 mb......HAD 2.44 mb.......go durum!
  • COT report is thought to be out on Monday, because of the mid-week holiday.
  • Spreads: Mpls H/K 8 carry......Kansas City H/K 8 ¼ carry.......Chicago H/K 2 ¼ carry.