Soybeans and wheat are lower to open the week while corn continues it sideways pattern. Recently the only market movers we have seen are coming from the soybean market. China confirmed its total soybean purchases were 5.72 mmt in December. This was below the 6.5 mmt that traders were expecting. This was the lowest December purchase since 2011.
Rains in Northern Argentina and Southern Brazil over the weekend continue the flooding potential. The forecast calls for more rain in those areas this week while central and northern parts of Brazil are expected to remain dry.
Producers with old crop corn to move before spring planting should be looking to make sales with the forecast for no significant movements higher between now and spring. I would look to make these sales prior to the March 29th planting intentions report. Producers that typically move grain in the mid-summer months should look to make some cash sales with current prices in the $3.75-3.80 range and lock in basis on a good portion of the remaining bushels. US carryout of corn is looking to be large again this year which would make current basis levels very attractive.
Have a Safe Day!