Markets have turned lower this morning with corn down 2 and soybeans down 4.
Today is Chinese New Year, and most everything is closed in China. US markets will be closed for President’s Day on Monday. The US Ag Outlook Forum will meet next week and we will see their projections next Friday.
I am not expecting much for trade today. The market will be plenty volatile next week. I think the funds who are now long 325,000 corn and 168,000 bean contracts will want to remain long soybeans, but corn could be a bumpy ride. Corn prices are at a level that wheat is replacing it in rations which could add to the ending stocks number.
Have a Safe Day and Stay warm!