Bears Had Christmas!

It is going to be a quiet day today at the studio. With Christmas falling on Sunday this year, today is a national holiday. That means banks and the U S Post office are closed, along with County FSA offices and many other business. The grain markets closed about noon on Friday and are also closed today. The overnight session will open this evening. Given what happened to corn and beans last week maybe it is ok the markets are closed today!

There is an old saying in the grain markets that "if the bulls have Thanksgiving the bears will have Christmas." This sure proved to be true this year! Friday was the fifth day in a row corn was lower and beans lost about 50 cents a bushel last week. The losses came on South American weather. There were some showers but they were relatively light. But, the forecast was for heavy rain over the weekend. How much and widespread the rain was in South America was will determine how we trade this evening.