Grain markets are mostly higher, being led by corn although the soy complex is trading well off overnight highs with soybean meal slipping lower. The focus this week will be South American weather and logistics, ongoing export demand in the U.S. and how disrupted ethanol production was amid the cold blast last week. Soybeans on China’s Dalian Exchange were up 2.67% while soybean meal was up 0.41% and corn was down 0.11%. Central Brazil saw more scattered showers over the weekend and the seven-day forecast remains wet, but possibly allowing for more harvest activity. Argentina saw light showers over the weekend in limited areas, but the forecast largely remains dry and is an ongoing concern for crops. Here in the U.S., the bitter cold temperatures have largely been replaced by more normal readings for late February. Lower equity trade overnight with U.S. futures pointing toward a lower open Monday morning. Energy markets are mixed overnight as most contracts hold much of the recent gains although additional U.S. supply should slowly be coming back online the next several weeks. The U.S. Dollar Index is weaker overnight but hanging right at the 50-day moving average.
Farm and Ranch Director Jesse Allen has our update: