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Cattle 2-sided after chart breakout, awaiting cash and the COF. Hogs continue to correct. Grains extending gains after reversals and with better export news. Scott Varilek, Kooima Kooima Varilek, has more.

Despite nearly 24 inches of snow, below-zero temperatures and raging winds that some people are affectionately calling “Death Storm #2,” Illinois livestock producers are finding ways to overcome the horrific conditions.

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.”

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

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.”

“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.