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.
As the calendar turns over to March, the agricultural markets’ primary focus is on production. More specifically, we’re focused on yields in South America and acres in the U.S. Demand, including China, can best be described as “steady,” neither spectacular nor disappointing.
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.