During the overnight session, January soybean futures tried once again to get through the $12 barrier, but for the 5th time in about 3 weeks, failed to do so. While there remains a high degree of concern about South American weather, traders are apparently reluctant to bet too heavily on further reductions to those crops with summer just beginning.
As for corn, there is renewed optimism for exports to China, with were rumors over the weekend that the Chinese government had issued another 5 million metric tons of import licenses. This has not been confirmed, but if so, it would mean about 195 million bushels.
For the week, last week, March corn futures gained 7 and January beans added 12.
Corn steady to 2 lower
Beans 10 to 12 lower
We had several offers hit during the overnight session even though, at the 7:45 break, values are in the red. A good example of what can happen when the board trades higher overnight, but is lower during the daytime. Please let us know if we can get any offers working for you, whether Old Crop or New Crop.