Another Quiet Week for Corn and Beans
Friday was about the sixth week in a row corn closed at or very close to 3.80 in the March Contract. I guess this is what could be called "range bound" as the market is waiting for new news to trade on. It would seem to me there is bullish news to trade on but traders appear to want that news to come from the USDA and that did not happen with the partial Government Shutdown. It was a week ago that the Shutdown ended and this Friday traders will have a lot of new information to trade on!
On Friday at 11:00 am the USDA will release the January Supply Demand Report plus the Stocks Now Positions or how many bushels of corn, beans and wheat were in storage as of January 1, 2019. In addition I believe the USDA will also release the February 2019 Supply Demand Report. It was also reported Friday that China agreed to purchase another 5 MMT of soybeans after the two day meeting last week between the U.S. and China. So, we could see a lot more excitement in corn, soybeans and wheat this week!