Grain markets are anxious to find out what the USDA Planting Intentions Report will have say how many corn and soybeans acres are expected for the 2014 growing year.
Both the bull action and the bear action in recent grain markets come from the Russian Bear.
All three major commodities on the Chicago Board of Trade have shown signs of an uptrend for a few weeks.
Even while we talk of the prospect of acres changing from corn to beans, in reality, the farmers have already ordered seed and made that decision.
Grain prices have slowly worked higher on the Chicago Board of Trade, but it remains to be seen if we can continue to firm up prices.
Corn has gotten back toward the top of the trading range it has been in for the last two months, but that is about it.
The long MLK weekend seemed to be an excuse for soybean speculators to rethink the bullishness that came out of the Jan. 10th USDA reports.
For the last couple of weeks I have been saying that only the March Planting Intentions Report from USDA can help this market. My idea has been that I don’t see bullish news anywhere on the horizon. But, I do think that farmers will like $13 soybeans better than $4 corn.
Grain market traders got evened up ahead of today’s USDA report.
Once again we can talk about the harvest low, except that we have to worry that the actual low is not in, and may not be seen until anticipation of the January Inventory Report by USDA.