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Corn futures near six-month high, soybeans at four-month high on South America dryness, wheat at one-month high.

Corn, soybean and wheat futures extended their recent rallies overnight as traders returned from the extended Christmas holiday weekend.

Corn futures extend rally to end at six-month high, soybeans end at four-month high, winter wheat snaps back.

Intermediate term trend is now up for soybeans.

Focus on Fed: Timing of initial rate rise

FY 2022 spending issues must be resolved by Feb. 18

USDA estimates the U.S. hog herd at 74.201 million head as of Dec. 1, down 3.111 million head (4.0%) from last year.

USDA estimates there were 11.985 million head of cattle in large feedlots (1,000-plus head) as of Dec. 1, down 51,000 head (0.4%) from both year-ago and the average pre-report estimate.

U.S. Drought Monitor shows 58% of the U.S. winter wheat crop area is covered by drought conditions as of Dec. 21.