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Monday is President's Day and the markets are closed. Our offices will be closed as well for Family Day.
The bearish cloud over the commodities market remained in place today. We saw some soybean traders do some short covering ahead of the long weekend, but otherwise, markets for grain and outside commodities were relatively quiet. We hit new lows for the corn market, but with falling volume. Lets hope after this long weekend we see a story pop-up that encourages the bulls, and entices some short covering to make our current levels a bottom... one can hope.
Internationally...
Brazil showed a much stronger bid for soybeans but is still $1.50/bu cheaper than US center gulf offers for Feb.
Sovecon and IKAR favor an even-larger wheat crop in Russia. Sovecon raised its estimate 1.6 mmt to 93.6 mmt this week. IKAR puts the crop at 93 mmt.
Funds were thought to have been mixed today with corn and wheat sellers and beans a buyer. On Tuesday, funds were close to expected with corn 7,000 contracts shorter, soybeans 5,000 contracts longer, and wheat 12,000 contracts longer. As of today's estimates, corn is expected to be short 312,000 (Only 8,000 contracts away from their record net short corn position), soybeans short 131,369, and wheat short 73,000.
Have a great weekend everyone! Friendly reminder to register for our upcoming Winter Grower Meeting if you have not done so already! Information can be found on our website!
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