Grain markets were higher overnight as strong demand has driven prices higher. Now that corn passed the $5.50 mark, analysts have their eyes set on $6 dollars as the next point of resistance.
The recent cold snap offers some support for wheat.The U.S. lean hog futures set a contract high on Friday for the fourth straight day.
The WASDE report comes out tomorrow. There will not be a lot of information on the U.S. supply side, but USDA’s outlook chairman says that we have a lot to think about on the global side.
First, the record export sales of corn and beans.
According to Mark Jekanowski, “It’s going to play into our export outlook, our overall global trade outlook... Russia imposing an export tax on wheat coming later in February and then raising it in March, that could have some implications for global trade.”
It could have implications for U.S. wheat exports and price prospects.
