Rather quiet trade overnight with two-sided markets in corn and wheat inside narrow ranges, while the soy complex attempts to retain its hard-fought-for risk premium. South American weather hasn’t offered anything new this morning, so no real reason to crash the soy complex, and grain markets are slowly drifting. Demand remains slow on corn and wheat, although cash markets are holding surprisingly well considering the movement witnessed last week. The events in front of the market include the weekly data sets, Friday’s WASDE report, the February USDA Outlook Conference and the insurance pricing period. Range bound trade may develop until we clear our plates of some of the aforementioned, but in general, funds still seem to have an affinity for risk as evidenced by rising O/I.
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