Weekly Winners & Losers
Dec 24 corn was one of the only feedgrains to squeak out a win last week, gaining 6 cents on the week to settle above $5.17 on Friday.
Current-crop Dec erased all but 3 cents of its losses with a strong finish on Friday but remains perpetually stuck in this slow grind lower that has been centered up on ~$4.80 for weeks.
Burdensome US ending stocks are well-publicized and world wheat prices remain a drag.
Right now though, we have to hurry up and wait to see how the weather situation in Brazil continues to develop.
As the bean market begins showing signs of life with Brazil’s slow planting pace and threatening forecasts, corn should find support - both as a rising tide lifts all boats but as continued delays stand to compromise the Safrinha crop in the spring.
No, we aren’t there yet so don’t get too excited. I do think it bears watching while also remembering that we need to take advantages of opportunities the market gives because at the end of the day… we still have more than 2 billion extra bushels lying around.
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