Corn: 5 cents higher
Beans: 3 cents higher
Grains trading higher on the open this morning as the commodity markets are rebounding from recent lows. The recent strength in corn is attributed to rumors Chinese traders have submitted applications for tariff-waivers on U.S. corn. Traders are anticipating some sales of U.S. ag goods to China will happen in the very near future as China has started accepting duty-free licenses today. The funds have been very active in the market as well with short coverings also giving support.
Fresh fundamental news remains scarce as traders anxiously wait for the March USDA planting intentions report at the end of the month.
Have a good day!