Somewhat of a gloomy start to a week that the groundhog has predicted we will have 6 more weeks of winter. The grains all started lower on the day and never really looked back. The outside markets influence was negative with the Dow and the S&P all trading lower on the day. We also saw the dollar trade higher and crude oil down over 1.50 a barrel. February is insurance pricing month, so I feel the market will be cautious to any large breaks or upside swings in regards to the upcoming March plantings intentions report. Soybeans continue to lead the grains in exports as the bean export inspection report came in at 33.5 million bushels, which was above the 14.1 million bushels needs this week to meet the USDA's projection of 1.1 billion bushels. Corn and wheat export inspections came in as a disappointment with corn 10 million bushels down from what was needed and wheat down 3 million bushels. The good thing on the day was the increased buying in both the corn and soybeans by the commercials as they apparently needed to buy for inventory. This market still is in a range with all technical supports holding.
Chuck Peterson
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