Merry Christmas!

Our office will close at noon today and will be closed until Monday, December 29. 

Tuesday was a mostly positive day for our markets.  Spot corn closed up 1/2, spot soybeans closed down 1 3/4, spot winter wheat closed up 1 1/2 and spot spring wheat closed up 1/4.  In the overnight trade corn, soybeans and winter wheat are positive with spring wheat on the negative side.  Oil closed up $0.37 yesterday at $58.38 per barrel.  It is stronger in trading again this morning with it now valued at $58.53 per barrel.  Our dollar had a low yesterday morning before noon of $0.729 US and has trended higher since then.  This morning it currently valued at $0.731 US.

The markets were very quiet yesterday with reduced trading volume.  As we have recently been talking about the analysts continue to look for reasons for price changes.  The flow of cash from Managed Money is always a culprit that can be called upon for any price change.  Whether the funds are gambling that prices will go up or go down they can swing our markets which we all know sometimes is good and sometimes is bad.

Following up on the wheat market this morning I see a report that Russia is projected to have record wheat exports for the month of December.  In the same report they talked about the problems that Ukraine is having with exports out of the Black Sea region.  Continued bombings by Russia on the port infrastructure in the Odessa region is the problem.  If the war ever ends this would of course end and would put some negative pressure on prices going forward.

The markets are closed today at noon and also for Christmas Day.  They are open on Boxing Day however our office will be closed.  If anybody would like to make a contract on Boxing Day please call my cell phone at 613-880-2707.