Tidbits
Today at 10 AM Mountain Time, the USDA will issue its December S&D. If the U.S. corn carryover is reduced by 75 million bushels, which is possible to probable, the carryover will be reduced by 2 days for the second consecutive month and 6 days since September.
Market advisor Kevin Duling summarized his lengthy Monday market analysis this way:
“Despite how things feel, from a fundamental standpoint, things are on pace. Exports have been amazing across the board on all grains, the Russian export tax will continue to take them off the map as an exporter, and the 2025 crop size is coming more into view.
I was encouraged by the technical study I did today. Cash wheat, corn, world cash wheat, Paris futures, and the US wheat continuation charts all suggest the largest, longest wave up is getting close to commencing. The daily US wheat futures charts disagree, but I think the cash market holds more weight than small futures contracts with open interest mainly made up of hedge funds.”