12/17/2024 Fed Meeting, Rate Cut

On the Grains
Corn remains range bound as we await fresh news to provide direction for this year’s balance and into the January final crop production numbers. A close above $4.52 would give the bulls some fresh feed and would likely have to come on some weather market in Argentina which is always possible, so it’s a game of hurry up and wait. Until proven different, that level will provide an area for producers to make sales or buy some puts under the market. March $4.50’s are trading at 14 cents, and May $4.50’s are at 18 cents this morning and would provide some time to see the January crop report numbers. I like May’s better as it does protect the planting intentions that will be reported at the end of March.