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Dan Basse: “Importantly, managed money is sitting on their largest net short CBOT grain position in four years.”

Naomi Blohm: “The U.S. soybean story remains quite friendly to start 2024 with historically small ending stocks and strong crush demand.”

Peter Meyer says, “Both the corn and soybean markets will need to take their lead from changes in both global and domestic demand given the production shortfall stories have become stale.”

Chip Nellinger says, “Producers should be prepared to be more aggressive than years past in protecting downside price risk.”

“It’s difficult to find anything bullish to say about corn for 2024.” says Jon Scheve.

“Near term, the soybean market has a loftier perch with a tight balance sheet emerging from supply headwinds,” says Mike North.

Angie Setzer says, “With their new trade agreement with Brazil, China is likely to import less corn from the U.S. in 2023.”

The International Energy Agency (IEA) further raised its 2024 global oil demand growth forecast, though its projection remains lower than OPEC’s expectations.

AgDay TV Markets Now: Grains finally close higher but can the markets build on it? Jim McCormick, AgMarket.Net, has the answer.

Markets Now Special: Meteorologist Eric Snodgrass says recent storms improve drought outlook and Mississippi River water levels. Plus, Brazil rains in extended forecast.