Weekly grain report

Byron Behne watches the grain markets for the Odessa Union Warehouse.

12/21/11: White wheat prices stalled out Wednesday but Chicago wheat futures managed to tack on 9 cents after trading lower to start the session. Some weather models are reducing the chances for rain in Argentina over the coming days which helped March corn futures move above the 30 day moving average for the first time since the middle of November. If prices can hold or move above these levels then it could generate more short covering by speculators and help prices rise further. Grain export sales will be out in the morning.

12/23/11: The markets closed quietly on Friday as everyone headed out for Christmas weekend. White wheat bids shrank back a couple of cents as producers sold into the recent rally.

12/27/11: Still no rain in South America so grain prices continued higher on Tuesday. The 10-day forecast sees the hot and dry conditions continuing so the rally may continue too. Should the weather turn wetter the markets will likely contract a portion of the recent gains.

Our offices will be closed January 2. Have a merry Christmas and a happy new year!