South American weather has sent soybeans up 8 to 10 this morning with dry weather in Argentina spurring some buying, with forecasts looking fairly dry for the next two weeks. Farmers have planted 42.5% of the crop according to the Buenos Aires Grain Exchange. Rains are improving in the center-west of Brazil, boosting crop estimates there. It's time for farmers to do a gut check because December rallies are normally short-lived.
The funds are the reason we're seeing gains in corn and wheat.
Outside markets rallied to new all-time highs after the tax bill cleared another hurdle. Passage of tax cuts gave investors a green light, and they’re dumping safe havens like gold and Treasuries. The bill cuts taxes on corporate profits, which could lead to more cash flowing to stockholders.