Grain Markets Closed Today For Martin Luther King Jr. Day

All the grain markets will be closed today for Martin Luther King Jr. Day. The grain markets closed at the normal time last Friday and will reopen this evening for the overnight session. Maybe after all the excitement late last week with the USDA January Supply Demand Report and the stocks report, it is a good thing to let traders catch their breath and evaluate their positions. Generally the numbers were called neutral for corn and friendly for beans.

Supportive under both corn and beans is great demand domestically and for export. The real question going forward is how large will the corn and bean crop in Argentina and Brazil be? While many traders continue to say the weather in Brazil and Argentina is "ideal" there are a few that are admitting there are some areas that are too wet and others too dry. In addition there is still a fair percentage of beans that have not been planted yet because it has been so wet. It is at least a moral victory to see some traders admit the weather in South America is lee than ideal!