Morning 12.28.2023

Highlights

Join us in Galveston, Texas for the 2024 CHS Hedging Grain Summit! The event takes place February 26-28^th and the registration deadline is February 19^th. Register or find out more information HERE

• The grain markets are quiet this morning with the corn and soybeans down modestly while the wheat is up a couple cents.  
• First notice day for January futures is this Friday, December 29.
• The grain market will have normal trading hours this week but will be closed on Monday, January 1^st, New Year’s Day. The markets will reopen Tuesday January 2^nd at 8:30am CT.
• Crude oil is lower this morning by 75 cents a barrel and the equity futures are mixed. The US dollar is down again overnight and is at the lowest it has been since late July.
• There have been no export sale announcements this week for any commodity.
• As of 7:00 am CT: Equity futures mixed this morning with Dow futures down 54 points and S&P 500 futures unchanged while the February crude oil is $0.75 lower at $73.36.

 Corn

• The corn futures are around unchanged this morning with the overnight range 2 ¼ cents.  
• The corn market has been a follower as there isn’t fresh news for the corn market to trade. The market is blanketed by a large US carryout and a poor export market.
• The December’24 contract continues to hold above $5 but has struggled to get up to $5.15 this past month.
• CH24/CK24 carry at 12 cents. It broke through the 12-cent resistance level yesterday, getting to 11 ¾ carry.

 Outlook: Mixed trade on a light news day.

 Oilseeds

• Soybeans are down around a penny overnight. Soybean meal is mixed, and the bean oil is slightly firmer.
• Soybean oil broke through Monday’s lows yesterday but managed to turn around and managed to finish higher.
• The weather forecasts in Brazil continue to show much needed rains for the center part of the country, limiting the upside in the soybean futures.  
• SF24/SH24 is at a 3-cent carry.

Outlook: Mixed to start but it has traded higher for three straight sessions on the January contract.

 Wheat

• The wheat markets are higher this morning by 3-4 cents across the three classes after yesterday’s correction lower.
• The US dollar is lower again overnight making a new low for the move and is approaching the low for the year after making a high on the year on November 1^st.
• The export demand this week for US wheat has been quiet. The price action in Chicago wheat has shown a supported market with March finding support on the 20-day moving average since last Wednesday.  
• WH24/WK24 is at 10 ½ cents carry, KWH24/KWK24 is at 2 ½ carry, MWH24/MWK24 is at 10 cents carry. 

 Outlook: Firmer to start as support comes back to the market.