December 12th, 2019 Commentary by Ashton

Good morning! Corn and soybeans traded both sides before moving higher overnight. News was once again thin as we head into the last Friday trading session of the decade.

Rumors are circulating that China may significantly increase their US wheat purchases as part of the trade deal, maybe by 5-6 mmt.  Also supportive is uncertainty about world wheat production with Ukraine and Australia dry.

Please note: Grain futures will close at their regular 1:20pm CT next Tuesday, December 31st, and will not re-open until 8:30 am CT on Thursday, January 2nd.

Really not any fresh headlines out there, expecting an uneventful trade until after the holidays.

Have a great and safe weekend!

Spreads:
CH/CK carry at 6 ½ cents.
CH/CN carry at 12 ½ cents.
SF/SH at 8 ¾ cent carry. 
SH/SK carry at 13 ¼ cents.
SH/SN carry at 24 ¾ cents.

CH first support at 383 ½, then 382, then 377 ½. Closed right on the 100-day MA resistance at 388 ½, with next resistance at 390 ½, then 400.   
SH support at 936 – 936 ½, then 930 ¼.  Resistance at 951 ¼, then 955, then 970. 

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