Futures were sharply higher and got back all of the losses and more from the weakness seen earlier in the week. There was talk of the higher Thai internal prices and export offers, plus talk of a new tender from Iraq.
It looks like some of the bearish speculators decided to cover short positions and found nothing for sale. Futures prices remain below cash, so there is really no one interested in selling apart from the speculators. The reports from Tuesday were not really bearish and not at all as bearish as the market price action made them seem. USDA made no changes at all to the U.S. estimates, and dropped world ending stocks estimates once again.
USDA will be making more changes through the year, and world estimates are likely to come down even more. U.S.-ending stocks estimates should also go down as it is likely that it has underestimated domestic demand. Cash markets in the United States and in Asia appear quiet, with many Asian markets mostly closed for the Tet holiday.
Overnight News: Mostly dry. Temperatures should average below normal.
Chart Analysis: Trends are mixed. Support is at 1094, 1068, and 10465 March, with resistance at 1113, 1123, and 1143 March.