Grain > Commentary > 12-23-2021

12/23/2021

Dec 23, 2021

12/23/2021
Corn firmed above 600'0 and soybeans made some modest gains heading into an extended holiday weekend.  The extended forecast for South America remains unchanged and the funds were ready to buy going into the long weekend.  Trade will be watching the weather and the forecast closely over the next 3 days, looking to gain an edge for the Sunday night open.  Overall, fundamentals remain mostly unchanged.  The USDA did not have any 8am export sales announcements for this week.  The one piece of information we had to chew on today was our weekly net export sales report.  Corn and soybean sales were down from last week and in the bottom half of expectations.  Corn sales were seen at 982k tonnes and soybeans sales at 811k tonnes.  Markets will remain closed until 7 pm Sunday night.  Glacial Plains will be closed tomorrow for Christmas Eve.  All of us here wish you and your family a Merry Christmas.

Trade was pretty subdued from around 10:00am to 1:00pm today.  Volume picked up shortly after 1:00pm and we set the highs for the day going into the close.  Almost identical action in soybeans.
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We completed a 50% retracement to the contract high on January soybeans yesterday and we closed above that level today.  Good technical indicator for anyone bullish.
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