The first trading day of the week, due to the Presidential Day holiday yesterday, brought volatile action to commodities with corn closing down 14 cents and soybeans losing 52.5 cents on the day. Commodities were driven primarily by the broad markets, with crude oil and the stock indexes falling along with a stronger U.S. dollar. Weekend rains in Argentina were less then expected but crops were benefiting from good rains over the last couple of weeks. Current forecasts show good showers moving in on Friday/Saturday. NOPA reported crush this morning of 139.1 million bushels of soybeans in January, analysts had projected only 138.2 million bushels. CFTC reported that large speculators reduced their net short positions in corn and have increased their net long position in soybeans in the week ending Feb 10th. Japan announced today that its GDP has suffered the sharpest quarterly decline since 1974, due to poor export demand.
Chris Spurlock
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What's the 30 day outlook for old crop prices?
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