Commodities are taking back Friday’s gains this morning with corn down 2 and soybeans down 9. Improving forecast for South America has soybeans trading lower. The mid-range models have the high pressure ridge that has dominated weather pattern for weeks looking to shift to the east allowing for seasonal rains to move back into Brazil and away from Argentina.
The government is open from the partial shutdown, but President Trump says he would be willing to do it again if demands aren’t met by February 15th. USDA Chief Economist says the February report scheduled for the 8th will be on time. The delayed data from the missed January report will be included. The annual Ag outlook forum will also remain as planned for February 21 and 22 if the government remains open thru then.
Trade talks with China appear to be back on track but concerns over a lack of progress have traders unwilling to take positions.
Have a Safe Day!