12/29/2022

Wheat was sharply lower, keeping corn and soybeans in check today. Corn spent the session in lower trade and soybeans finished 1-3 cents better after trading 7-10 higher overnight. We now have one trading day remaining in 2022 and tomorrow could very well be unexciting with most in the market probably taking an early weekend. Grains have put together a nice rally over the last week and a half but we are now pushed up against some long-term resistance areas and some drifting lower is expected to start the new calendar year ahead of our final 2022/23 production numbers from the USDA on January 12. This rally has also caused cash basis to slip by 10-15 cents in corn and soybeans, further confirmation that this move in the market is about money positioning and technicals. The weekly ethanol report was a little more negative than anticipated. Production fell by 66,000 barrels/day to 963,000 bpd and stocks increased by 569,000 barrels to 24.64 million barrels. The markets will trade a full day tomorrow and then will remain closed until 8:30 am on January 3rd. Glacial Plains will be closed on January 2nd for New Year's.