Grains rebounded from midmorning lows, but still struggled on Thursday after China announced its would only slightly reduce its import tariffs on US farm goods. Weekly export sales were strong for corn & soyoil, modest for beans & soymeal & disappointing for wheat & grain sorghum.
Corn & soybeans again gave back overnight rallies, but wheat sustained overnight gains as tightening global wheat supplies boosted US wheat export prospects. Trump's "State of Union" address ignores agriculture to avoid embarrassing realities .
Soybeans slide below chart support & take corn & wheat lower, too. Chinese demand worries & good South American growing conditions trigger sell-stops as traders test markets for next support levels.
Corn rebounded to erase Monday's losses, but soybeans & wheat ended with mid-range, modest losses on Tuesday.
Corn largely erased Monday's price swoon, but beans & wheat closed with small losses on Tuesday.
Mirroring trends in global financial markets, grains were solidly lower for a second straight day as speculative selling was driven by worries about Chinese demand being cut by disease outbreak.
Corn & wheat reversed Thursday's gains & soybeans extended losses on Friday as speculative & farmer selling combined with Chinese disease fears to weigh on global demand outlook. Weekly export sales data were much improved for the week ended Jan. 16.
After Wednesday's mixed graun price trends, March corn futures overcame monthly chart price resistance on Thursday, undrpinning wheat but offering no support to soybeans.
Wheat led corn higher, but soybeans were sharply lower on Tuesday as weakness in soyoil & skepticism about Chinese demand weighed on beans. Markets attempted minor recovery on Tuesday night.
After reversing Thursday losses with steep gains on Friday, grains were weaker on Monday night in post-holiday trading.