Good morning and Merry Christmas friends,
Corn (H17)  346’2   -1’0
Soybeans (F17) 993’2   -‘2
Chi Wheat (H17)  399’4    -1’0
KC Wheat  (H17)  409’2  unch
Cotton (H17) 70.34   +.021

CBOT prices were quiet in the overnight, soybeans making a little news breaking below it’s 100 day MA and then retracing.  Soybeans have some MA support below, both on the Nov and the continuous front month March. Jan options go off the board today, there will be pin risk near 10.00 and 3.50 for beans and corn, the market could be volatile today as some folks shut it down for the year. Chicago wheat prices remain below 4.00, a test of the 390 area probably needs to happen to get the shorts satisfied with the recent move lower.  If that holds look for an opportunity to buy some wheat if July futures make a run toward 4.00.  Cotton futures are slightly higher amidst a very quiet overnight session. Yesterday’s disappointing export number should keep prices down in the short run.  It is hard to find a lot of bullish spin for cotton, yet the prices continue to hold these levels. The price gaps sit around 73 cents for December, which is an ideal hedge opportunity for new crop.
Livestock traders need to buckle up today, we get Cattle on Feed and the Quarterly Hogs and Pigs report out at 11 am.  I can’t remember the last time the meat markets were open for these reports.  Kirk Donsbach- the Cattleman- thinks if the COF report doesn’t provide a needle to pop this recent run up, the price action will continue higher.  He said to watch the placements number. The expectations are for big placements, if that would be bullish he thinks we could see front month trade 120+.
I hope everyone has a nice 3 day weekend.  I’ll be working next week if anyone needs anything.