Headlines:

  • Presidents’ Day: Monday, February 20th, Energy markets are open until noon and will resume trading at 5:00 pm CDT. Grain markets are closed Sunday night and Monday day. They will reopen Monday at 7:00 pm CT.
  • Soon-to-Be USDA Secretary Sonny Perdue is Labelled as a “Good Fella” by Friends and the Trade
    Perdue, presumably the least controversial of President Donald Trump’s nominees for his cabinet, will likely soon be confirmed as the next secretary of agriculture. He served as governor of Georgia, becoming the first Republican gubernatorial candidate elected in the state in more than 130 years, from 2003 until 2011. Prior to that he was a state senator, representing the Democratic party until 1998. Perdue, 70, is an Air Force veteran, and he earned a doctor of veterinary medicine degree from the University of Georgia in 1971. He now owns a company, Perdue Partners, an Atlanta-based global trading company that focuses on exporting U.S. goods and services.

Summary:

The US Dollar was very strong in overnight trading and according to the trade led to some price weakness across the grain and soy markets. The price chart showed the greenback moving up close to resistance at 102 when it reached 101.76. The overnight strength did not last long. It proceeded to fall precipitously at the US regular session open. If the reversal bar that it posted today is followed by weakness over the next few days, we could very well be looking at move that reaches 98 at a minimum.

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At the end of trading today Soybean was clearly the advance leader with a 16.25 cent gain. South American weather concern was front stage once again. Forecasts are calling for up to 8” of rain over the next 10 days. Conditions may cause isolated flooding of Corn and Soybeans in eastern Argentina. The weather concern working in concert with the USD giving up overnight gains led to great day of strength for Corn, Wheat and Beans. Corn finished the day up 4.50 and Wheat edged Corn with a 4.75 cent advance of its own. January NOPA Crush report results were released today coming in at 160.21 million bushels versus the trade estimate average of 159.1 million bushels. Soybean Oil stocks were 1.629 billion pounds versus the trade estimate average of 1.51 billion pounds.

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