The market was closed Jan. 19 for Martin Luther King, Jr. Day, so now we have to work through the confusion of having no trading for three days.
Corn outlook: “I am not bullish, but I am friendly to the idea of new highs. We can’t have high prices without a 1 billion carryout in corn. We have to look to the new crop for help there.”
The rebound is nice, but grain merchandiser Marlin Clark says it is hard to be actually bullish without solid fundamental news in this country.
Plan a disciplined series of sales that get the grain bins emptied before the rest of the farmers look around and realize they have to empty the bins for next year.
Short week, but lots of activity still happening in the markets.
Speculation about Russian wheat exports seems to be the cause of recent price jumps in the Chicago wheat futures.
The most notable feature of this week on the Chicago Board of Trade is the lack of trading hours.
I am remembering the traditional harvest schedule of my youth, when we hoped to have the crop in by Thanksgiving Day.
With the big grain crops, prices do not have a good reason to improve. There are hard decisions ahead for farmers.
The combination of a big harvest, falling storage space and the export market are impacting the price of corn and soybeans.