Corn in unchanged and soybeans are up 5 to open the month and close out the week. February was a rough month on all commodities with corn down 14, soybeans down 19 and wheat down 64 cents! This is the result of a market with no bullish news and a lot of rumors that have not been confirmed. We continue to hear reports of the US and China working out deals to end the tariffs and increase purchases of US products, but to date there has been nothing concrete to give traders confidence. We need to keep in mind that while a deal may sometime get worked out, every day that goes by without sales to China is one less day for us to decrease our stocks and one day closer to another crop to put in the bins. Traders are now estimated to be short 120,000 contracts of corn, 35,000 soybeans and 70,000 wheat.
While I don’t anticipate any major moves, let’s hope that March is a better month for the markets!
Have a Safe Day!