Ah weather, weather, weather, weather --- quite a shock to all the folks in the southern USA as winter storms closed in an shut most everything down.
The USDA issued its first 2021 forecasts through the Ag Forum that was held this week .......please click PDF to see more details

HAMMERSMITH Marketing Ltd

With the USDA WASDE numbers coming out next week most grain and oilseed markets – except wheat – had a very quiet week.
Corn futures are close to contract highs and, even though prices didn’t do much this week, market experts still see corn being in a bull market with the potential to move higher.....please click PDF to see more details 

Grain/oilseed prices just seem to want to move higher every week and this week was no exception – US corn prices were up by USD 14 to 18 m/t, soybean prices up by about USD 20 m/t, soymeal up by USD 10 to 12 m/t. Even wheat prices couldn’t help but move higher with winter wheat up by USD 9 to 12 and spring wheat up by USD 8 m/t........please click PDF to see more details

So, how did the futures markets react this week: corn prices down by USD 12 to 14 m/t, soybean prices down by USD 38 to 40 m/t, soymeal down by USD 40 m/t, spring wheat down by about USD 11 m/t with winter wheat down by USD 15 for soft winter and USD 11 for hard winter. That is an impressively down week.......please click PDF to see more details

So, what do we have at the end of this week – USA corn prices are up by USD 5 or 6 m/t, soybeans are up by USD 22 to 25 m/t, soymeal is up by USD 11 to 14 m/t. Only US wheat prices were fairly quiet with winter wheat down by about USD 3 m/t and spring wheat up by USD 3 m/t. ......please click PDF to see more details 

It may have been a short work week this week but that didn’t stop USA prices from rallying quite strongly. Corn prices were up by about USD 12 m/t with soybeans up by at least USD 17 m/t, soymeal up by USD 14 to 18 m/t – even all types of wheat were up by about USD 5 m/t.......please click PDF to see more details

Another short work week this week – 4 days for most but only 3 days for some and next week will be about the same. This week’s report is shorter than normal as quite a few trade reports were not published this week and won’t be issued until January. It is a little difficult to get a good feeling for the market when no one is working.......please click PDF to see more details

Aha, this was really the week of the soybean/soymeal as South American weather pushes prices up to levels not seen for about 6 years. Soybeans were up by over USD 20 m/t with soymeal up between USD 22 and 28 m/t ---- that is one strong week for beans and meal.......please click PDF to see more details

Except for US wheat prices, the US grain and oilseed markets were a little quieter this week. USA winter wheat prices jumped by almost USD 15 m/t with spring wheat prices up by about USD 8 m/t. Corn and soybean prices for early 2021 were steady but soymeal prices did move about USD 5 m/t lower..........please click PDF to see more details