Weaker markets to start the week as corn is down 9, soybeans are down 7 and wheat is down 13.
Following a trade shortened week where due to the holidays, traders appear to be taking some money out of the markets as we head towards first notice day for the December futures. The surprising thing here is that December corn is only 4-5 lower while future months are trading 9 lower.
Concern over the new Covid 19 variant may be directing the markets today. While scientists race to understand the consequences of the Omicron COVID-19 variant, one of the most important questions is whether this new version of the coronavirus can outrun the globally dominant Delta variant.
The World Health Organization on Friday designated Omicron a “variant of concern” just days after the variant was first reported in southern Africa. The WHO said it is coordinating with many researchers worldwide to better understand how the variant will impact the COVID-19 pandemic, with new findings expected within “days and weeks.”
US weather is going to be very dry over the next couple weeks. The maps show a drying trend out in the Plains and down into Texas. Temps are above normal for the time of year as a warm air doom has set up across the entire Western US. Dry warm weather may have some effect on the winter wheat crop, where conditions have not started out very good.
Today is a small reminder of what can happen at any given time. High prices are not guaranteed regardless of what input costs may be. If you can print in the black, you should consider making old and new crop sales.
Have a Safe Day!