In the overnight session corn traded down 3 ¼ cents, March soybeans slipped ¼ cent and wheat fell 5 ¾ cents as it tests the 20 day moving average on the daily chart. This morning a reportable sale of 157,500 metric tons of corn was sold to Mexico for 14/15 delivery.
Wednesday the 31st is the first notice day for January Soybean, Soyoil and Soymeal contracts. To avoid delivery make sure all long positions have been liquidated by the close of trade today. Thursday January 1st, the market will be closed. Trading will resume on Friday at 8.30 AM CST. The USDA will release the weekly export sales report on Friday January 2nd.
Weather in the U.S. will be monitored closely by wheat traders as a cold blast from the north brings temperatures below zero in much of the plains region. Snow accumulation of 1-3 inches will help insulate some of the crop from the harsh temperatures, but 1/3 of the winter wheat crop will be at risk of winterkill tonight.
South American weather is continuing to provide adequate moisture for crop development. Argentina corn crop is 60% planted which is 5.5% behind last year’s pace due to excess moisture which has slowed progress. The two week weather outlook anticipates normal rainfall to continue benefiting crops in this region.
