Last Week’s Close: May corn future finished Friday’s session up 2 cents, 6 ¼ cents off of the intraday lows. For the week, futures were down 12 ½ cents and traded in a range of 21 ¾ cents.
Fundamentals: Late on Friday, President Trump tweeted: “I have asked China to immediately remove all Tariffs on our agricultural products (including beef, pork, etc.) based on the fact that we are moving along nicely with Trade discussions and I did not increase their second traunch of Tariffs to 25% on March 1st. This is very important for our great farmers - and me!”. This has helped spark some momentum in the grains to start the week. The big-ticket item will be the USDA report on Friday, we hope to have estimates for you by mid-week.
Last Week’s Close: May soybean futures finished Friday’s session up ½ of a cent, 10 cents off of the intraday lows. For the week, futures were down 12 ¾ cents and trade in a 24-cent range.
Fundamentals: A tweet from President Trump, asking for China to remove all tariffs on agricultural products have given the market a breath of fresh air. It is far from a deal but certainly a near term silver lining for the Ag markets. Market participants will continue to keep an ear to the ground on trade but they will also be focusing in on Friday’s USDA report. We will be compiling estimates in the first half of the week and will have them out for you before the release.
Last Week’s Close: May wheat futures finished Friday’s session down 2 ¼ cents, 10 cents off of the intraday lows. For the week, futures were down 32 ¾ cents and traded in a range of 47 ¾ cents.
Fundamentals: Wheat had a nice reversal to wrap up last week’s trade and is finding some follow through strength in the early morning trade, in part thanks to corn and beans. The market was in free fall over the last two weeks which leaves the potential for a short covering relief rally ahead of this week’s USDA report, released Friday.
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