The markets are called higher this morning thanks to an almost shockingly strong export sales report. Corn export sales were big – well above the highest estimate and soybean sales were also decent, at the top end of the range of guesses. Huge soybean oil sales in there as well. This could temporarily stop the negative export chatter (corn rejections, soybean cancellations, etc.) as it appears business was good last week. The next two weekly export sales reports could appear disappointing with the holidays taking some people out of the trade.
There isn’t much else to go on today. Later this morning the weekly ethanol production report will be out and is expected to show production slightly lower than it was last week. Weather in Argentina looks to be improving next week with temps cooling off (into the upper 80’s and 90s) and some chances for moisture. The 11-15 day forecast for them however looks below normal for precip and above normal for temps, so we will need to watch that.
Corn 1 to 3 cents higher
Soybeans 6 to 10 cents higher