World wheat production still sits at record levels and stocks remain at their highest number ever. Our price outlooks do look for a rebound of July wheat to test the five dollar level at some point in the spring but right now we do not have the fundamental or technical indication the market will reach to higher levels.
Soybeans stared the week with a bearish tilt as a disappointing NOPA number had the market under pressure today. After Friday’s active trade, the corn market moved back to more sideways and calm trade on Monday. Wheat finished higher on Monday supported by short covering and a weaker dollar.
The soybean market continued its march higher as we traded prices today that we have not seen since Jan. 15. News to explain today’s strength was lacking but Friday's CFTC report might explain some of the strength.
Export sales in corn that were delayed until today came in much better than trade expected. The soybean market put in a decent range today as an early rally attempt failed and all the days early gains and then some were given back.