Corn is unchanged and soybeans are up 2 after Monday’s slight rebound from last week’s selloff. This was expected and is a good sign that hopefully we have put in a short term floor and can grind higher as we head into spring. While I do not anticipate a significant move higher, I could see 10-15 cents as realistic.
The US Dollar is stronger as drama in the UK over Brexit has investors continuing to use the currency as a safe haven. Stronger global demand and the idea that OPEC will reduce production have crude oil pushing $62/barrel.
One situation that bears watching is the Presidents threat to close our southern border with Mexico in an effort to slow the flow of asylum seeking immigrants. Should the border be shutdown it would put nearly $3 Billion in Ag products sold to Mexico in jeopardy as bottlenecks develop.
Producers looking to move old crop prior to or during planting season should target $3.35-3.45 in the next couple months unless we see some major weather issues across the Midwest. New crop sales of $3.65-3.75 should be targeted for fall delivery corn.
Have a Safe Day!!