Highlights
Why did corn and beans crash and burn yesterday?
The Weekly Export Sales report issued yesterday morning was terrible as it always is Christmas week. It should never be a surprise, but poor sales Christmas week is always a disappointment.
The House of Representatives was scheduled to select a Speaker yesterday. The last time they tried to elect a Speaker, it took three weeks! Thankfully, after the CBOT closed, Mike Johnson, (R-La.) was re-elected to lead the House of Representatives. That was a huge potential crisis with the Executive Branch transfer of power in process.
From 19 December through Thursday of this week, March corn gained 25¢ and March beans gained 65¢. Yesterday, a Friday, was the end of two weeks of holiday trading with very good gains; it is perfectly natural for Friday to be a profit-taking day. Note there was no change in the Argentine and Brazilian weather forecast! Technical selling got out of hand and every wanna be buyer was content to let prices fall to a level the selling dried up. If the weather forecast for South America does not change over the weekend, prices will open higher Sunday evening.