It was a little bit of a disappointing week especially in the corn market. The nearby March contract hit a new contract high for the fourth or fifth time but could not hold and close on a contract high. Actually both corn and beans traded sideways but sometime that is not necessary a bearing factor. It the market is technically overbought that can be changed just by markets going sideways for a few days.

Bean export sales this week were solid but corn was the "jaw dropping number" at around 270 million bushel of corn sold for export. The large majority of that was sold to China. The UDA Supply Demand report will be release at 11:00 Tuesday morning. Traders are expecting the USDA to drop both corn and soybean carryovers in this months report.

 

Click on the link above and listen to Gordy discuss the grain markets last week and what he thinks the USDA do in their February Report.