Dec 10, 2021

Some good upwards momentum after the coffee break was stemmed off only 15 minutes into the session.  Highs for the day were set early with trade seemingly uninterested in doing much of anything.  Corn traded 2 cents and soybeans 6 cents for the large majority of the slow day.  This could be the theme for trade for the remainder of the year unless we get some type of suprise news before the final production report in January.  Processors and end-users have backed off their cash bids over the past week and appear to be covered into the new year.  Corn is hanging around the top end of a six-month trading range, hitting my most recent futures target for pricing some grain.  Soy oil and meal are taking turns supporting soybeans and I am leaving my target in place in the 1280-1290 area on the January 22 contract to price some beans out of the bin or on storage in town.  We traded within 4 cents of the 1280 mark today and with a big crop likely to be harvested in Brazil over the next couple months, best to not give up quarters while trying to grab nickels.  Weekly grain closes: cash corn 6 cents higher, new crop corn 1 lower; cash soybeans unchanged on the week and new crop soybeans up 14 cents.

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