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Limit Up

By Tori Uhland

December 20, 2022

I don’t have too much to share this week as news is quiet and the markets are quickly getting into holiday mode with very slow trade, low volumes and small trade ranges.

Grain markets will close at their regular time (12:20 p.m. MT) on Friday, December 23rd for Christmas and re-open at 7:30 a.m. MT on Tuesday, December 27th. Grain markets will close at their regular time on Friday, December 30th for New Year’s and re-open at 7:30 a.m. MT on Tuesday, January 3rd.


Corn closed slightly lower on Friday and had very low volume trade and stayed within a range less than 6 cents. Cash trades have also been slow as the futures haven’t been very enticing to many growers.

Mexico is leading the corn export program as they have committed to purchasing 377 million bushels so far this marketing year. China comes in second at 146.3 million bushels. China’s corn business with the U.S. is only 30% of what it was at this time last year.


Despite continued missile attacks on Ukraine from Russia, it isn’t adding much volatility to the market. Wheat has continued its downtrend as the managed money funds become more concerned with recession fears than with risk from the ongoing war.

The lack of snow coverage in the Southern Plains Hard Red Winter Wheat areas is concerning as temperatures have been well below freezing overnight.


Soybeans ended the week firmer with soybeans, soybean meal and soybean oil all up. Soybean meal was, and has been, the leader of the pack. The higher close comes after a lower close on Thursday when the National Oilseed Processors Association report did not meet analyst expectations on November crush numbers. However, the soybean export program is currently running 7% ahead of pace for this marketing year.

Cattle & Hogs

Alfalfa hay exports are trending higher as well as the total hay production that is exported. China is the biggest buyer of U.S. hay and is buying 57.6% of all alfalfa exports. Hay acres are trending lower along with cattle inventory.

Other News

According to the USDA Economic Research Service, the farm share of U.S. food dollar reached a historic low in 2021. “U.S. farm establishments received 14.5 cents per dollar spent on domestically produced food in 2021—a decrease of 1.0 cent from a revised 15.5 cents in 2020—to the lowest recorded farm share value in nearly three decades,” they wrote.

Other News