Morning Market Wire

Friday December 9, 2022                                               By: Eric Peterson

Corn traded higher overnight with the March contract closing at the session high of $6.47.  Prices continue to consolidate, with March corn staying in an approximate trading range of $6.50 to $6.40.  The USDA’s WASDE report later this morning is expected to show an increase in ending stocks to 1.237 billion bushels vs. 1.182 billion in November due to lower demand.  Look for higher trade to start the day as all eyes will be on today’s report. 

Soybeans were mixed overnight with the January contract trading a ten cent range.  January soybeans got up to $14.92 overnight and is at the highest levels it has been since late September.  The market is expecting the U.S ending stocks to grow from 220 million bushels in November to 238 million bushels for today’s WASDE report.  Look for mostly mixed trade to begin the day.           

Spring wheat was slightly higher overnight as the market seems to be bouncing after possibly being oversold. March wheat has found support after breaching $9.00 this week.  The market is expecting an increase to 576 million bushels in today’s report up from 571 million bushels in November.  Look for slightly higher trade leading up to today’s report.     

Old Crop PremiumNew Crop TargetTrigger Date
0.2511.00 MWU238/25/23
0.5015.00 SX2310/19/23
0.236.60 CZ2311/25/23

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