Wheat

Darren Frye, Water Street Solutions, says grains close higher after the WASDE and USDA’s surprise cut in corn ending stocks by 200 million bushels.

Matt Bennett with AgMarket.Net says the agency shocked the market in the December WASDE by lowering ending stocks on corn 200 million bu. to 1.738 billion bu., with an increase in demand.

Data from the state weather forecasting agency last week indicated that over 37% of winter crops are in poor condition or have not sprouted due to low moisture levels.

Arlan Suderman, Chief Commodities Economist for Stone X, says corn and wheat ended higher on value buying after wheat hit contract lows last week. Soybeans continue to be under pressure with favorable weather in Brazil and basis levels below the U.S.

Brad Kooima, Kooima Kooima Varilek, says cattle are working in last week’s higher fed cash cattle trade. Grains are also mostly higher adding geopolitical risk premium and ahead of the WASDE.

Bryan Doherty, Total Farm Marketing, says March corn sees a chart breakout Friday above $4.35 and posts a higher weekly close, pricing in strong demand and lower expected ending stocks in Tuesday’s WASDE.

While it’s unclear how Congress will push through the Farm Assistance and Revenue Mitigation Act, it’s likely going to be via the Continuing Resolution. Depending on how payments are calculated, farmers could receive $101 per acre for corn, $53 for soybeans and $73 for wheat.

Dave Chatterton, Strategic Farm Marketing, says the agricultural markets saw risk off technical selling. The sentiment of the grain market in particular is bearish right now due to uncertainty tied to trade and overall policy in the new administration.

DuWayne Bosse of Bolt Marketing says soybeans are consolidating with products, despite a 30,000 MT sale of bean oil to South Korea.

John Heinberg, Total Farm Marketing, says corn failed mid-session with conflicting information about guidance being delayed for the 45Z Clean Fuel Production Credits, but it also hit chart resistance.