1. Chicago Board of Trade Closed Overnight For Christmas Holiday
The grain markets were closed overnight due to the Christmas holiday. The Chicago Board of Trade resumes normal trading hours starting this evening.
2. Money Managers Bearish on Corn, Less Bullish on Beans Week-to-Week
Speculative investors increased their bearish bets on corn to the biggest amount in more than two months last week as prospects improve in Argentina and Brazil.
Money managers were net-short 95,522 corn contracts in the week that ended on Dec. 20, up 38% week-over-week and the biggest such position since Oct. 14, according to Commodity Futures Trading Commission data.
They also were less bullish on soybeans because of the weather in South America, pushing net longs down to 111,993 contracts, down from 121,859 the prior week, the CFTC said in a report on Friday. That’s the smallest bullish position since Nov. 18.
Ample rain has fallen in much of Argentina and Brazil in the past two weeks, boosting crop prospects in both countries. US growers already harvested 15.2 billion bushels of corn and 4.36 billion bushels of soybeans, both records. Large crops in South America will add to a global glut and likely will push down prices below their already low levels, analysts have said.
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3. North Dakota Under Blizzard Watch as Strong Storm Strikes State
Almost all of North Dakota and most of western South Dakota are under a blizzard watch as a strong winter storm pushes through the region.
“Heavy snowfall and very strong winds are forecast over the northern Plains creating blizzard conditions,” the National Weather Service said in a report. “Freezing rain and ice accumulation could lead to power disruptions in the Upper Midwest. Strong to severe thunderstorms are possible over portions of the central Plains.”
The storm is so bad that the Roberts County (South Dakota) Sheriff Office issued a civil emergency message warning drivers to not drive in the county due to icy roadways and downed powerlines.
In parts of Iowa, a hazardous weather outlook has been issued due to prospects for wind gusts of up to 40 miles an hour and extreme weekend rainfall that may lead to ice jams on streams and rivers. Some low-lying areas may flood if streams breach their banks, the NWS said.