In the overnight session the grains turned higher with corn up 2 ¼ cents, soybeans up 3 cents and wheat in Chicago up ¾ of a cent. A reportable sale of 132,600 metric tons of corn was sold to Mexico which was primarily made up of old crop corn. Corn started off Thursday and Friday’s trade sessions trending lower, but was able to find support and close off close on the high side of the day’s range. Another day of positive price action may define this area between $3.66 and $3.70 as a key support level.
Over the weekend 85 percent of the U.S. wheat belt received between ¼ and 1 inch of precipitation. More snow is on its way later today with Chicago and other parts of the Midwest getting 10 inches or more. Sub-zero temperatures are expected to arrive this week, but the snow cover provides protection and little cause for concern.
Brazil’s crop conditions are improving after 55 percent of the growing regions received precipitation between ¼ of an inch. Forecasts show that increased moisture is expected in the Central and Northern parts of Brazil over the next 10 days.
