The shortened trading weak ended on a sour note with corn, soybeans and wheat giving up ground. Wheat hit new contract lows even as basis looks to continue strengthening.
Corn closed the week with Dec. Corn down 3 at 342.25
Soybeans slipped 4 cents ending at 993.25 for the January contract
Chicago wheat closed off 7 at 415.75
KC wheat slipped 8 to 414.50
Minneapolis wheat fell 4.25 to 414.50
A warm-weather trend may keep some river locks open to keep grain moving on the water, though anticipated repairs are expected to begin north of Dubuque. Repairs have slowed grain movement on the Ohio and Illinois rivers, but lock and dam repairs are needed.
Look ahead to next week as the soybean market is in a position for farmers to pull the trigger on some sales if all the key factors line up; if they don't, it's a wait and see game. Corn could also be coming off its latest cycle low, which could be good news.
Bryce Knorr first joined Farm Futures Magazine in 1987. In addition to analyzing and writing about the commodity markets, he is a former futures introducing broker and is a registered Commodity Trading Advisor. He conducts Farm Futures exclusive surveys on acreage, production and management issues and is one of the analysts regularly contracted by business wire services before major USDA crop reports. Besides the Morning Call on www.FarmFutures.com he writes weekly reviews for corn, soybeans, and wheat that include selling price targets, charts and seasonal trends. His other weekly reviews on basis, energy, fertilizer and financial markets and feature price forecasts for key crop inputs. A journalist with 38 years of experience, he received the Master Writers Award from the American Agricultural Editors Association.