12/19/2024 California Declares State of Emergency- Brid flu in Dairy Herds

On the Grains
Well, have we done enough damage will be the front and center question on traders’ minds as we look to close out the last full trading week of 2024? Let’s look back at 2024, the weekly continuous corn chart went from a high on 1/3/2024 at $4.70 down to a low of $3.60 on 8/26/2024 in other words, we dropped revenue per acre by $200. Only one week in May did we challenge that high and printed a higher tick for the week, May 13th the board put a high in at $4.73. This morning, we sit at $4.37 unchanged overnight, resting right at the 20-DMA, with support on the 50-DMA down another four cents at $4.33 ¾, and the 100-DMA is resting at $4.29. Without the soybeans falling like a meteorite yesterday, I believe we would have found some additional buying. For producers looking to re-own something, options are very reasonable to cover you through the January report. Yesterday’s EIA report had ethanol production increased slightly to 1.103 million barrels per day. Since the start of the marketing year, September, ethanol production has averaged 1.072 million barrels per day (mbpd) vs. last year’s 1.034 mbpd.