MARKET COMMENTARY

Good morning!

Corn and soybeans under mild pressure this morning. Corn down a penny and soybeans down two. Most of the focus remains on South American weather while rains continue to bump yield prospects in Brazil and lessen the problems in Argentine. There is very little change in the weather outlook for South America, with light rains forecasts to fall across Argentina on Saturday; it will remain dry after that.

The theory is that corn prices are being pushed higher by strength in the global corn market with the US offering the cheapest corn in the global market, and South American supplies dwindling. The hope is that this will bring demand to the US over the next few months and limit the downside until the size of the South American crop is better known.  The weekly export sales report normally out Thursday morning will be delayed until tomorrow because of the Christmas holiday.

Opening calls:

Corn: Down a penny

Beans:  Down 2 cents

Registration is still open for “Ventures: Connections & Conversations” in ag, Landus Cooperative’s inaugural women in ag conference. Check out the full agenda here: http://www.landuscooperative.com/news_release/registration-now-open-for-ventures-connections-conversations-in-ag/