Morning Market Wire

Thursday January 5, 2022                                               By: Eric Peterson

Corn traded higher overnight as the March contract attempts to rebound after seeing a $6.85 to $6.52 range so far this week.  Weather so far seems to be favorable.  Argentina weather impacts have been more harmful than beneficial as production forecasts have been sliding lower.  Look for slightly higher trade today as commodity markets could see a friendlier environment today with crude oil higher.      

Soybeans saw light two sided trade overnight as news remains light and uneventful. Soybeans seem to be taking a breather after this weeks selling pressure.  March soybeans continue to stay above $14.50 without testing that level since early December.  Look for mostly quiet trade today as futures stay above the major moving average support.   

Spring wheat saw small gains overnight as we see a small recovery from recent losses.  Overall prices remain choppy and price direction controlled by money flow.  Black Sea exports still loom over the wheat market, but some bargain buyers are showing up this morning.  Look for slightly higher trade today after the recent sell off.         

Old Crop PremiumNew Crop TargetTrigger Date
0.2510.00 MWU238/25/23
0.4315.00 SX2310/19/23
0.266.60 CZ2311/25/23

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