For the grain markets, Thursday proved to be relatively quiet. “There wasn’t a lot of fresh news for the market to digest today,” said Julianne Johnston of Pro Farmer on Farm Journal Radio.
Blogger Dan Hueber agreed. “It would appear that we are confronted with a near void of information to look at this morning, particularly concerning the corn and bean markets. Wheat is looking a bit tense again concerning the situation in Ukraine,” he wrote in the Hueber Report Thursday morning. “At this time commodity pages appear to be more concerned with crude oil, European Central Bank stimulus programs and the financial world’s ‘must been seen at’ annual summit in Davos, Switzerland.
The decisions happening in Davos did have some effects on this side of the Atlantic. With European Central Bank’s decision to stimulate its economy by buying private and government bonds from countries that use the euro, the U.S. dollar strengthened—and put pressure on grain futures.
Listen to Johnston's comments here:
But the impact was limited. “Corn futures finished mostly around 2 to 3 cents lower with soybeans lower around 5 cents lower on many contracts,” said Johnston. “Wheat futures saw choppy trade today, but in the end, futures were under light pressure. HRW contracts saw pressure of around 6 to 7 cents as snow was falling across the Plains, which is beneficial to this parched drought area while this crop is in dormancy.”
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