Market Report: The Grinch Stole Christmas

Corn had another down day today, posting losses of around a penny. For the week corn lost 10 cents a bushel. There is an old saying that if the bears have Thanksgiving the bulls will have Christmas. Not this year, as the bears had Thanksgiving and Christmas. The weekly Export Sales report was above the highest guess at 803,600 MT. Even that did not turn the market higher. With the market closing at noon today for Christmas I am sure the volume was quite thin. With the bears in control it did probably did not take a lot of selling to keep corn under pressure.

Beans were under pressure too, with losses of 6-7 cents a bushel. For the week, January beans lost 17 cents a bushel. In the Export Sales report sales came in more than double the four-week average at 2,069,700 MT. Bean was above the highest trade guess at 252,500 MT. Plus, bean oil was double the trade guess too at 39,800 MT. In addition the USDA announced a daily sale of 100,000 MT of beans sold to an unknown destination for the 2016-17 season. Maybe we will have to get to the new year before the market will care about good demand. Merry Christmas, don't think about the markets!