12/20/2024 8:00 am

Corn, which has shown the most bullishness of the grain/soy markets since last week’s WASDE, is firmer following a healthy technical correction.  Bulls will target the $4.51-$4.52 highs as there is little resistance above them on the charts.

Soybeans and meal rallied to their first levels of intraday resistance by midnight and then held those gains into the morning break.  Short-covering on the last session of the year to not take place during a holiday week is supporting.  Managed money is short both soybeans and meal.  Meal futures are up despite weakening cash values in both the US and South America.

 12/10/2024