Markets open at 0830 this morning and expected steady / firm.
Dow futures trading up 115 points at 21,818 after the shellacking it took Friday. Crude up .81 at $43.42. US $ Index also showing modest gains.
Volume of corn trade Monday did not crack 100K contracts. Overall volume expected to remain lite through the new year.
Rain this past week favored central and southern Brazil with heaviest amounts in far southern Brazil. Rains have led to improvements in moisture across Rio Grande do Sul and parts of Santa Catarina. However, rain amounts rather lite in southern Sao Paulo / Parana and expected to remain that way. Moisture shortages there expected to reduce yield.
SH19 now about 49 cents off the December 12th $9.41 high. Weakness has moved SNSX out to a 14 ½ cent carry. High water mark so far has been 18 ¼ set
near price lows last September. Price action on spread has mirrored and will continue to follow flat price. Last year SNSX hit 25 cents and with ending stocks projected near double over a year ago, that level should be eclipsed.
China customs data showed “Zero” US soybean imports for the month of November. Contrast that with 4.6 mmt a year ago. Brazil exported 5 mmt to
China in November compared to 2.7 mmt a year ago.
Corn back below neckline of inverted Head and Shoulder chart formation calling its validity into question. Soybeans flirting with its neckline of same pattern. Soybeans in the 4th wave (down) of Elliot 5 wave pattern. Send you a quick look at that shortly.
Soybean producer given $1.65 market facilitation payment. Some look at this combined with spot price and making the sale. Others waiting to see if market can take it all away?
Again, expecting a steady / firm open at 0830…