Grain markets were sharply higher to close the week with double digit gains seen for nearby corn and soybean futures. A new recent high was seen for March corn futures. Today's highs on March corn are the highest since the $4.88 level back on June 14 of 2024. March soybeans traded an inside day today, with the 100-day moving average ($10.20 1/2) holding as support today. March wheat failed to join the excitement, but did close with small gains. Cattle markets were mixed today with the nearby months gaining on the deferred. Hogs were $1.00 to $2.00 lower. Equities traded higher today and the dollar was higher as well. Crude finished down by 50 cents a barrel. On a weekly basis, however, crude finished higher for the 4th straight week.

Grain markets will be closed on Sunday night and through the day session on Monday. Grain markets will re-open on Monday night.

In what was expected to be a quiet finish to the week, corn and soybean futures finished with strong grains on hopes that a phone call today that occurred between President-elect Trump and China Premier Xi would lead to a less contentious trade environment between the two countries. It was the first conversation between the two since November. Both participants stated that it was a good call, but exact details were not given. Trade was just one of a few topics that were discussed. President-elect Trump officially takes office on Monday.

Argentina is expected to see rain over the weekend and temps will cool down as well. Next week is dry before rain chances improve again next week. The models are in a little disagreement again on rain fall totals in the extended forecast, which will be a closely watched discussion topic when traders return from the long weekend. Southern Brazil should participate in the increased rain chances as well. Central and northern parts of Brazil have seen plenty of rain and could use some drying out to start early bean harvest.

The U.S. will see below freezing temperatures as far south as Texas and northern Florida early next week. This will slow grain transportation again and will likely cause continued transit delays along the river system.

The commitment of traders' report showed the corn managed money position as of January 14th as long 292,228 contracts. This is up 38,883 contracts from last week. The bean fund position showed funds bought 63,446 contracts in the week through Tuesday. Their position is now net long 34,883 contracts. This is the first time that the soybean managed money has been net long in this report since December of 2023. Chicago wheat funds were listed as net short 94,393 contracts, an increase of 5,755 contracts.