Ahead of Wednesday’s data-rich January USDA and WASDE reports, we find the soybean and meal markets setting back sharply from overbought conditions. Corn and soybean oil also participated in the pullback. All three wheat markets recovered some from dynamic losses since the end of November, with all but Minneapolis finishing higher.
GENERAL COMMENTS:
March corn closed down 7 cents per bushel and May corn was down 6 1/2 cents. January soybeans closed down 26 3/4 cents and November soybeans were down 21 1/4 cents. March KC wheat closed up 3 1/4 cents, March Chicago wheat was up 3 1/2 cents and March Minneapolis wheat was down 8 cents.
The March U.S. Dollar Index is trading up 0.253 at 95.975. The Dow Jones Industrial Average is down 252.85 points at 35,978.81. February gold is up $3.10 at $1,800.50, March silver is up $0.08 at $22.49 and March copper is down $0.0505 at $4.3595. February crude oil is down $0.71 at $78.19, February heating oil is up $0.0066, February RBOB is down $0.0223 and February natural gas is up $0.167.
