Grain Markets Closed for President’s Day
The Grain Markets are closed today.Trading will resume this evening for the overnight session. Sometimes a day like this can be exciting even with our markets closed because the rest of the World will be trading. There are some issues with hot and dry weather in Southern Brazil and Northern Argentina. That was supportive to corn and soybeans Friday going into the close. Corn had the highest close since November 11th. Ethanol, feed use and exports are all strong. The charts on beans are looking weak with a “hook reversal” Friday going into the close. We are at the top end of the range soybeans have been in for quite a while. Last week we had the first cancelation of a soybean purchase by China from the United States. Some traders feel that if soybean prices stay high we will see fewer cancelations from China.