The world still needs to eat even when facing economic upheaval and uncertainty………………What may be certain is that our Federal Reserve likes to be in charge………..They made us smell the glove yesterday giving the announcement that rate hikes in the coming year are still in place despite the recent market action which signals a slowdown………………..
Grains are testing support levels despite the recent spate of corn and bean business with China, Mexico and Japan as bean and feed grain production appears to be growing a bushels each second …………….We still sense that there’s no urgency for end users to load up and take extended coverage , and then some more, as the South American weather situation is still conducive for corn and bean development but, we are near decade low prices and the weather can turn quickly! Spreads,other than wheat, might still be on the defensive given the large stocks and increasing cost of capital……………Resistance might be expected at 533-536 WH, 386 CH and 916 to 920 SF……………………
Please remember that we are closing early on Monday and will be closed on Tuesday as we celebrate Christmas!
The information contained on this site is the opinion of the writer and obtained from sources cited
within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in current market prices.
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