Markets are trading higher across the board in a quiet, pre-holiday trade.

Friday’s cftc report showed that for the week ending 12/10,managed funds bought 78k corn to push the net long to 166k, net bought 14k beans to reduce the net short to 58k, and bought 3k wheat to reduce the net short to 67k. The buying in corn and wheat was greater than expected and the buying in the wheat was less than expected.

Managed funds on Friday were estimated as net sellers of 3k corn to reduce the net long to 156k, net sellers of 4k beans to push the net short out to 62k, and net sellers of 3k wheat to push the net short out to 72k.

NOPA crush will be out at 11 today with Nov. crush expected to have been a record 196.713 mbu.

Ag Rural said Brazilian bean planting was complete and said conditions were favorable after recent rains. They estimate Brazil bean production at 171.5 mmt (USDA 169).

Ukraine said they were setting up a supply mechanism to supply food to Syria as the collapse of the Assad regime left their food supplies in question.

Russia estimated their December grain exports at 3.8 mmt, which is down from 4.6 mmt in November and down from 4.4 mmt a year ago. Exports are expected to drop following a disappointing crop last year.

Russian wheat shipments to Syria have been halted because of uncertainty about the new government and payment delays.

Corn posted a lower low, lower high, and lower close on Friday as the market pulled back within its range. The market has corrected the overbought condition with directional indicators balanced again. The market is hitting trendline resistance near 4.44 this morning with the next resistance 4.50. Support is near 4.30.

Beans posted lower lows, lower highs, and a lower close on Friday with prices pulling back further within the recent range. Directional indicators are neutral with the market balanced. The Jan. support is 9.80and resistance 10.00.

Corn is starting the week with a small gain after seeing a healthy correction from highs last week. The USDA gave us a much tighter than expected US balance sheet, but farmer selling picked up when the market rallied with prices pulling back to finish the week. The range-bound trade is expected to continue with strong demand and fund buying expected to support prices while farmer selling is likely to emerge again in the 4.50-4.60 range. Producers can look at zero-cost option strategies to protect downside risk.

Beans are starting the week with small gains after pulling back last week. The market is having a hard time moving away from the 9.80 area as large supplies in the US and globally are limiting buying interest. The repeated tests of that support suggest a push through to the downside is possible at some point. Producers should look at puts to protect unsold beans.

‍

Corn up 2

Beans up 2-3

‍