Negative start to the week
Commodity prices tried to rally this morning and fight off the headline risk coming from the banking sector but at the end of the day both corn and soybeans finished the day lower. We have a lot of economic data this week with CPI tomorrow and PPI on Wednesday that will affect trader’s sentiment of what the Fed will do March 21st. We also have the expiration of the Black Sea Grain Corridor on Saturday. Russia is said to be negotiating with the UN for an extension but may be only willing to extent the deal 2 months instead of 4. This could be why the wheat market was able to finish higher today. Soybeans look to be trading the weakest today so tonight we will be watching 14.84 ¾ for support which is the 100-day moving average which provided support at the end of February. Corn on the other hand traded a little better and we will watch today’s low of 6.08 ½.