United States: Afternoon grain market recap for December 23, 2021
United States
Published Dec 24, 2021
Tridge summary
Grain prices firmed again today after another round of technical buying led to gains of 0.5% to 0.75% for most contracts. Traders finished squaring positions ahead of the holidays, with markets closed on Friday. Corn prices were up nearly 0.75%, soybeans trended around 0.5% higher, and some wheat contracts rose as much as 0.9% today.
Original content
The latest updates to the U.S. Drought Monitor, out this morning, showed overly dry conditions are now present in 87.4% of the High Plains through December 21, up from 84.4% a week earlier. That’s significant but still below year-ago results of 96.2%. The Midwest is also experiencing some problems in areas such as Minnesota, Wisconsin and eastern Iowa. Around 38.7% of the region is currently affected. On Wall St., the Dow climbed another 279 points higher to 36,033. It was the third consecutive session that stocks moved higher as investors continue to move their focus away from the recent omicron variant scare. Bank and tech stocks led the charge today. Energy prices also moved higher, with crude oil moving back above $73 per barrel after capturing gains of around 1.25%. Diesel rose nearly 1% higher, with gasoline up 1.75%. The U.S. Dollar softened slightly. On Wednesday, commodity funds were once again net buyers of all major grain contracts, including corn (+5,000), soybeans ...
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