Today’s grain trade was on both sides as the weekend’s feel good story from the Oval Office supported soybean futures throughout the night trade, and into the morning. Last Friday after market close, Secretary of Agriculture tweeted that China was making another good faith deposit with a purchase of another 10 million metric tons of soybeans. China’s stock market believes there to be significant progress as their stock market was up 5.6%. This would mark the largest daily increase going back to July of 2015.
This weekend’s blizzard conditions has put everything to a grinding halt. County departments have been quoted saying this is the worst storm they have ever seen in some instances. Snowfall amounts ranging 12-18 inches were not uncommon as most major highways and interstates were closed down. Emergency crews have been working since the early morning to get roads cleared while tow trucks have been busy pulling stranded vehicles.
March Corn closed 4 ¾ cents lower at $3.70 ½. March soybeans finished ½ cents lower at $9.10 ¾. March Chicago wheat closed 20 ½ cents lower at $4.66 ¼.
For more information, you may contact Brock Beadle at 515-341-7040, or e-mail at email@example.com. The opinions and views expressed in this commentary are solely those of Brock Beadle. Data used in writing this commentary obtained from various sources believed to be accurate. This commentary is intended for informational purposes only and is not intended for developing specific commodity trading strategies. Any and all risk involved with commodity trading should be determined before establishing a futures position.