March Wheat - 0.50 Higher to 0.50 Lower
March Corn - 0.75 Higher to 1.25 Lower
Jan Soymeal - 0.50 Lower
Jan Beans - Steady to 1.50 Lower
Crude price - 69.61, up 0.15
S&P price - 6017, up 15.35
As I suspected last Wednesday, January Soybeans flushed/stopped out the last of the weaker handed longs for the time being, and marked a dramatic V bottom Thursday & Friday. The low was printed on the 11 PM bar Wednesday night at 945.75, and beans finished 30 cents higher at 975.25, on Friday's closed. I doubt we see any new lows for weeks or months.
The Soymeal bottom was even more pronounced, as it tested the April 2020 low on the weekly chart and reversed up. Friday's close was about 16 bucks above the low. This is likely a long term low.
March Corn traded straight back up to 446.00 and higher, as I mentioned last Wednesday, December 18th. The correction is likely complete, and the next up leg should be underway. I am targeting 480 to 490 near term.
March Wheat traded within 1.25 cents of the 528.00 low marked on November 14th that looks like a double bottom. We may mark one more lower low to 528-525, but I suspect the wheat selling is complete or very near.
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