1/4/2024

The slow grind of the market continued on Thursday with soybeans giving back 4-9 cents but corn found some interest, ending the session slightly higher out to the December 24 contract. March corn spreads were firmer again, today, as well. Trade is still waiting for a story to develop for U.S. corn and soybean demand appears to be satisfied. Wheat rallied today on rumors of more China business. Funds and spec money is content to stay net short until we get something to spark this market higher. News continues to be entirely routine and slow and the market doesn't look like it will do much ahead of next week's report. Weekly ethanol data showed production down 58,000 barrels/day to 1.049 million barrels. Stocks were increased by 100,000 barrels to 23.6 mln bbls.

Corn continues to consolidate sideways/lower towards a potential breakout on report day.