U.S. Thanksgiving is here and Marty Hibbs of Grain Farmers of Ontario says this time of year always leads to a few surprises in the markets over the following few weeks.
He says the coinciding of the holiday with the first day of notice on the December contracts could lead to some strength in corn and wheat prices as we head towards the new year.
Corn prices were quiet this past week and support seems to be steady at the $3.35 level.
Wheat has been hanging around the four dollar mark and Hibbs feels producers will get a clearer direction of prices for the next month as it will be based on the March contract.
The analyst notes the expiration of the November contract has relieved the downward pressure on soybean prices.
The January contract has gained 35 cents a bushel over the last week.
Hibbs says if prices close above $10.45, the next target will be $10.70, although currently indicators are mixed on which way prices will go.
