12/20/2024 Cattle on Feed, Beans Bounce

New Reco Day 1- Sell the remaining 15% of 2024 soybeans crop at the market. New Reco Day 1- Hedge 15% of 2024 corn at $4.44 March futures. Above you will find today’s installment of Morning Market Talk. Hedge Recommendations Included You can click on the picture above to take you to this morning’s episode. On the Grains A common saying, old support becomes new resistance. Good morning: overnight, the soybeans are working on that new resistance as January is up 7 ¼ at $9.70. Was Wednesday’s sharp downward move a blowoff bottom? It’s starting to look that way for now. While we will likely have a new weekly low on the January chart, we have seen a nice recovery in the last two trading sessions and we are taking advantage of that, sweeping the bin on old crop beans. We do recognize that a close above the $9.73 level could open the door for another leg higher. However, we are not sticking around to see. The weather is just too good in Brazil to bet on the river card. We will gladly price some 2025 November production if we get a rally. We are cautiously optimistic that the market…