Market Report: Up Trend In New Year?

Last evening about 8 during the Vikings game, I had to check to see what corn and beans were trading at in the overnight session. After closing Thursday the markets were closed until last evening. Corn was down a fraction and beans were down a penny. This morning corn is down about a penny, but beans are down 5-7 cents. With the funds near record short corn and beans, many of us have been hoping for a rally. We need a spark to get a rally going and it appeared maybe dry weather in northern Brazil might be it. Well, maybe until last week's weather forecast had a major shift to a wetter pattern into the new year.

With beans being lower, it appears it must have rained over the long weekend in northern Brazil, or at least rain is still in the forecast. This is a critical time in Brazil's growing season. January down there is like July here during our growing season. We all know July and August weather is critical to bean yields. I suspect if we are going to get a rally going it will have to occur in the next 30 to 45 days or traders will assume record production in Brazil. Back to how much it rained or rain in the forecast for Brazil? That will be my first question when I talk with Gordy this morning at 8:30!