12/26/2019 5:56:23 AM
- January grain options expire tomorrow, December 27th.
- Weekly export sales will be released tomorrow because of the holiday shortened week.
- Grain futures will close at their regular 1:20pm CT next Tuesday, December 31st, and will not re-open until 8:30am CT on Thursday, January 2nd.
- Sign up for the Hedging Academy training class on January 9th by CHS Hedging is still available. See our website for more information: CHS Hedging .
- Outside markets as of 7:00am CT: Dollar up 50 at 97.682, Crude Oil up $.06 at $61.17, Dow up 30 at 28538 and Gold up $5.40 at $1510.20.
- Weekly ethanol production and stocks will be released at 9:30am CT this morning due to the holiday shortened week.
- The March/May corn spread has weakened this month, with Tuesday’s trade settling at 6 ¾ cents carry. 9 ¾ carry has been the contract low.
Outlook: Corn futures are consolidating sideways in an overbought condition, but lighter holiday trade may make it harder to resume a trend. Steady to slightly higher early call.
- China imported 2.6mmt of U.S. soybeans in November, more than double October’s amount and the largest in 20 months.
- Palm Oil prices continue to rally, now near 2 year highs, on declining production estimates.
- First Notice for Delivery of January contracts is Tuesday, December 31st.
Outlook: Continued underlying support is expected as ideas for a Phase 1 deal being signed in January has not changed.
- Increased chances for precipitation for western areas of the plains would be welcomed for wheat there. Monthly state wheat conditions should be reported next week by some individual states.
- Morocco has tendered for 350tmt of Durum wheat from the U.S., along with reports they will be suspending their 35% import duty through the first 4 months of the year; an official announcement is expected today. A smaller than average wheat crop last year has boosted estimates on their need for imports.
- Paris Milling Wheat futures went to new 5 month highs in Tuesday’s trade. Euronext exchange and several other world futures exchanges are closed today.
Outlook: KC and MPLS futures continue to consolidate gains in sideways trade, while Chicago has corrected lower over the past week. Steady start to the day is expected.