The CBOT market will reopen today at 8:30 AM Central time.
Tidbits
A client asked Tuesday afternoon: Do I sell on this rally?
Corn: No.
Soybeans: Yes.
If you grow soybeans, the next 10 days are very important. Historically, bean futures will make a high before 14 January (maybe already made the high) and then sell-off 40 to 80¢ within a matter of weeks as the market prices in a successful Brazilian soybean crop.
Too much rain in the northern area of Brazil’s bean production area is delaying harvest and causing quality damage. The beans were planted two weeks late last October and so harvest will be two weeks late, but persistent rains are delaying harvest even more.
Meanwhile, the southern crop areas of South America are in the midst of a dry spell as their corn and bean crops are nearing 100% planted. The next two weeks look dry. You need to watch the number of rain days in the 4th,5th, and 6th locations on our daily rain day charts. Those are dry areas whereas the first three locations are the wet areas of Brazil where most of the beans are grown. That chart is your guide when to sell beans before the January price dip.