The elevator will close today at 3:00 pm for our staff Christmas Party.

Monday was a negative day for our markets.  Harvest corn closed down 1, spot soybeans closed down 11 1/2, spot winter wheat closed down 1 and spot spring wheat closed down 1 3/4.  In the overnight trade corn and the wheat sector are positive with soybeans still on the negative side.  Oil closed down $1.20 yesterday at $58.88 per barrel.  It is stronger in trading this morning with it now valued at $59.08 per barrel.  Our dollar had a high yesterday morning before noon of $0.725 US and has since then trended lower.  This morning it is currently valued at $0.722 US.

Soybeans once again led our markets lower yesterday.  Recent rains in Brazil are alleviating any short term concerns about dryness for the just planted soybean crop.  Soybean plantings in Brazil were reported on the weekend at 91% complete versus 95% at this time last year.  This is not that big of a concern as they continue to make progress and now will have nicer soil conditions for the crop getting planted.

China did make another purchase yesterday of US soybeans as announced by the USDA.  They are now at 24.8% of the reported 12 million tonne target.  However, there has been talk out of the US administration that the date for reaching the 12 million tonnes is more flexible than previously reported.  Remember, Chinese officials have not confirmed this number and no official agreement has been signed as of yet.

Corn exports remain very strong this year in the US with Mexico being the largest purchaser.  Corn shipments are 69% ahead of last year’s pace with reported sales ahead by 28%.  Total exports this year are expected to exceed 3 billion bushels which would be a new record.

Today the USDA releases their monthly WASDE report.  We should note that in most years the December report is usually just a place holder for our row crops for the January report which brings with it the final year end yield numbers for the just harvested crop.  With the recent government shutdown in the US there is thought that the USDA could utilise this report to catch up on some data.  This may include reduced yields for both the corn and soybean crops with amendments made to the balance sheet for both crops.  This could be a wild day for our markets or the USDA may just hold any new data for the January report and today’s report will be much ado about nothing.

The US Government yesterday announced a new $12 billion aid package for US farmers.  It is looking like this package will be based on acreage for the different crops noted and of course it does include corn and soybeans.  This is not expected to affect our markets but will continue the trend of the US Farmer looking at their mailbox as a main cash flow part of their business.