Soybeans Sharply Higher Overnight
Feb 19, 2013
Soybean prices got a boost as weekend weather in Argentina turned out to be disappointing. Rains over central, eastern and northern Argentina were somewhat below expectations going into the weekend and while some areas did get a significant amount of rain, it was not the widespread coverage that the models were forecasting. Traders also are looking for China to return from its holiday in a buying mood after prices have fallen sharply over the last week during the Chinese New Year.
For wheat, Winter Storm Q is expected to hit the central Plains and Midwest on Thursday bringing up to a foot of snow which would help drought stricken areas. Areas from Northern Kansas to North Dakota look to get fairly significant precipitation.
In corn, nearby March Futures are hovering at the key $7 benchmark. Overnight it traded briefly as high as $7.03 but was unable to hold the gains. Lack of significant demand signs keeps the corn market from having significant follow through to the upside at the moment.