Stateline Morning Comments December 10th 2019
The corn market was lifeless again, drifting slightly lower in front of the USDA report. CME trade volume was very low in corn yesterday, keeping the market in a very ‘slow’ mode. The market seems to care not that the implied unharvested corn – still left in the fields, is close to a billion bushels!
Beans began the week rallying on hopeful export news to China. Wire reports of possibly 5-10 cargoes trading. Short-covering kept a positive trade working all day. Technically, stochastics are diverging to the upside, so we could expect additional higher moves this week. But the USDA report is out this morning, so that will drive trade after 11:00 a.m.