Weekly Market Recap December 21, 2018
Friday, December 21, 2018, 9:12 PM
Submitted by: Landus Cooperative
On Friday, March corn closed up 3 ¼ cents at $3.78 ½. That was down 6 ¼ cents from last week. January soybeans closed down 8 ¾ cents at $8.84 ¾, 15 ¾ cents lower than where they closed last week.
Monday afternoon, President Trump confirmed he has authorized the USDA to issue the 2nd payment of the Market Facilitation Payments, confirming an earlier story from Secretary Purdue. This will be another 82.5 cents/bushel for beans and .5 cent/bushel for corn and sorghum. For grain hauled in this fall, producers can bring their delivery summaries into their local FSA office. If the grain is stored on-farm, an official bin measurement can be used as yield proof to receive the payments.
Looking at crude oil and energy, we continue to see crude under pressure with West Texas trading in the $45/barrel range compared to $75/barrel in early October. For ethanol, the weekly EIA report showed we continue to see decreases in production and growing stocks, not encouraging numbers to meet USDA’s estimated demand.
Market movement this week shows traders are impatient with rumors about potential sales or corn and soybeans to China not being reflected in the numbers. That, combined with a potential government shutdown and the holidays could present for a couple slow weeks until we get into 2019.
That’s all the news we have this week. We want to wish everyone safe travels as you are visiting family and friends over the holidays.