Markets are trading mixed overnight with wheat giving back part of Monday’s gains while beans recover part of Monday’s losses in a quiet trade. 

Markets will close for Christmas at 12:05 today.

Managed funds to start the week were estimated as net buyers of 2k corn to push the net long out to 166k, net sellers of 2k beans to push the net short out to 78k, and net buyers of 3k wheat to reduce the net short to 92k.

Russia said securing access for their winter wheat to China is a priority in the coming year.

Russia said a cargo ship sunk in the Mediterranean Sea overnight after an explosion ripped through the engine room.

Warmer than normal weather through western Russian wheat areas is expected to complicate overwintering of grains.

Corn posted higher highs, higher lows, and a higher close to start the week with the market now overbought and at the top of the recent range. Support is 4.30 and resistance 4.50.

Beans posted a higher high and higher low but reversed early gains to finish lower on Monday. The market is balanced with Jan. resistance at 9.80 and support 9.50.

Corn started the week with sold gains with prices returning to the upper end of the range. Cash selling is expected to emerge as futures trade to the 4.50 area to limit further gains from there. Producers can look at zero-cost option strategies to cover unsold bushels.

Beans retraced a portion of the gains from late last week on Monday. The market has a bearish bias and was unable to trade through the 9.80, which is major resistance. Producers can use puts to protect unsold bushels.

Corn mixed

Beans up 2-3

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