Weekly Market Wrap-Up

December 21 corn futures opened this week at 5.5200 and had a relatively narrow trading range on Monday with only a 5.25 cent range, finally closing on the day down a half cent at 5.5150.  Corn was held down on Monday with the January 2022 Soybean futures opening at 12.0375 and closing at 11.8850 on the day.  Crop progress report showed corn 84% harvested and soybeans 87% harvested across the states for the week.

CZ21 futures on Tuesday started to rally with corn opening at 5.510 and then closing 3.75 cents higher at 5.5475 by the end of the day.  The WASDE report helped give strength to the Soybean market with soybeans opening on the day at 11.8775 and trading as low as 11.8125 before the report hit, and then soared up as high as 12.4075 before settling back down at 12.1200 still higher on the day by 24.25 cents.  The USDA raised corn yield up half a bushel per acre to 177 bu/a.  They also raised ethanol corn usage by 50 million bushels.  Final ending stocks on Corn are at 1.493 billion bushel carry out.  Soybean ending stocks raised by 20 million bushels to sit at 340 million bushels.

Corn took a large leap on Wednesday, opening at 5.5500 and closing up 13.75 cents at 5.6925.  Along with corn, soybeans traded higher on the day by 4.75 cents closing at 12.1675.  Markets were pushed by the Wheat market on Wednesday.  Inflation was also in the news as the CPI increase for the prior 12 months was at the highest increase since 1990.

The corn futures on Thursday continued to rally for the 3^rd day in a row, closing at 5.6950 up 3.5 cents on the day.  The corn rally continued to drag SF22 beans higher, closing up another 4.75 cents for the 2^nd day in a row. SF22 beans closed Thursday at 12.2150.

The rally on December corn futures continued on Friday, opening at 5.6925 and closing at 5.7725 to finish the week off.  The January 22 Soybean futures finished the week off with a strong rally, nearly touching the 50 day moving average.  Soybeans opened on Friday at 12.2150 and climbed throughout the day to close at 12.4425, up 22.75 cents to finish the week.