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Commentary

Grain Commentary By Jeff Thatcher

Wednesday February 19th
 
Corn: -2 ½
 
The corn market spent the day trading lower before ending with a modest loss.  Both the old and new crop contracts finished just over 2 cents lower after trading lower the entire session.  After providing strong support yesterday, the wheat market turned lower today and helped to keep the corn market lower. Tomorrow will bring the first day of the USDA ag outlook forum with traders expecting to see projections of large acreage and ending stocks.  Corn spreads and basis levels remain strong as we near March option expiration on Friday.  The weekly energy report was delayed until tomorrow due to the holiday along with weekly exports being pushed until Friday. 
 
Soybeans: +5 to +1 ¾
 
Soybeans spent the early part of the session trading lower before turning higher mid-day and ending with small gains.  The March contract led the way higher today, gaining a nickel while ending over 12 cents above the early low.  November futures gained nearly 2 cents after also trading lower early in the session.  Soybean products were mixed on the day as soybean oil ended with a small loss after trading to a new recent low early in the session.  Rumors that China may have sourced some soybeans off the PNW helped fuel the mid-day rally.  Wetness in Brazil has slowed soybean harvest to well behind last year’s pace, giving some hope to more Chinese bookings.