Grain Markets Closed Today For Washington’s Birthday
The grain markets closed at the normal time on Friday and will be closed today in observance of Washington's Birthday or Presidents Day. They will reopen this evening for the overnight session. Corn had a rather uneventful week but managed to quietly gain about 4 cents on the week. The export demand for corn has really picked up in the last month or so. While we are still not caught up to the average pace to meet the USDA projection for the year we are moving in the right direction.
Soybeans had a pretty good week gaining about 38 cents a bushel. Soybeans are being led by the meal market. With the dry weather in Argentina there is concern that they will not be able to meet their export commitments . Argentina is the largest exporter of meal onto the world market. I read one report that stated if Argentina did not see significant rains by the end of February losses could be around 500 million bushel of beans. That is the about USDA projected soybean carryover in the United States!