There was a lot going on last week with the potential to affect the grain markets. The USDA Report was Wednesday, Fed Chairmen Powel was testifying before Congress for two full days, and then there was the jobs report Friday morning. The USDA Report was a little bearish with corn carryover increased a little more than expected. It was no more than a minor rounding error but the market sure paid attention to it.

The market did not pay much attention to the Argentina corn and bean crop being cut by 7 MMT, That is around 280 million bushel of corn and beans that disappeared on the world market. The jobs report on Friday was good news with a few more jobs created that the trade guesses. However, good news was bad news for the market as the Federal Reserve will likely increase interest rates even faster!

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Commodity Broker Gordy Kralovetz said what really took the grain markets lower last week was Fed Chairman Powel's hawkish comments testifying before Congress for two full days about raising interest rates. Click on the link above and listen to Gordy talk about the ag markets last week.

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