Dec 8th, 2023 For the week so far, March corn is up 5 cents and Jan beans are down 3 cents. Beans continued their downward slide early in the week on improved South American weather, but have moved higher to close out the week on some additional export sale rumors and some value buying as they had dropped around a dollar from their highs a few weeks ago. The corn market is generally staying sideways as it just doesn't have much of a story at the moment but it is encouraging to at least see it not make any new lows. South American weather is seen as neither bullish nor bearish at this time as rains have improved in the dry areas of Brazil but they aren't widespread, drought busting rains. That will continue to be the major story for the next couple of months, as well as watching demand here in the US. China has been buying large amounts of wheat from the US over the last week which is not normal, and has some questioning their motives and if there is possibly other commodities such as corn to follow. There is the monthly WASDE report released today but this month usually is pretty quiet as there's no update on final US production until January.
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