The Market Rains in South America provided overall downward pressure in oilseeds this week. At the same time, there is damage that has been done as the Buenos Aires Grain Exchange pegged the Argentine soybean crop at 12 percent Good/Excellent, a decline from 19 percent a week ago. There remains adequate U.S. domestic demand and persistent bull spreading in soymeal reveals strong commercial demand. Consequently, January soybeans wobbled but ended the week down just a penny (-0.068 percent), March soyoil gained 1.29 cents (2 percent) and March soymeal lost $8.90 (-1.9 percent).

Thus far in December, the spot contract for corn is up 0.7 percent while the spot soybean contract has risen 3 percent. This has made the gap closer for soybeans i...