The year is clearly very late, and frankly it’s going to take some time to thaw out and dry out soils that are very wet this spring, analyst says.
With no deal with China yet on trade, markets are taking further dips lower as projected ending stocks climb with each passing month.
It’s interesting to watch the markets and the price declines since the China-U.S. tariffs began last spring.
What the numbers actually are on Friday will begin the spring marketing season, with prices moving where they need to go to allocate crop acres and values.
The current snowmelt that is causing major flood damage to Midwest farm fields will obviously complicate spring planting.
The next report that should matter is intended U.S. acreage on March 30.
As spring approaches, there is a line in the sand that market bulls will probably buy into.
It does sound like increased purchases of ag commodities will be a part of the trade agreement.
The U.S. and China have been negotiating on trade for the past 80 days, working to come to some agreement on trade issues between the No. 1 and No. 2 economies in the world.
U.S. ag markets seem exclusively glued to the U.S.-China trade negotiations for price direction. Even a two-for-one USDA report that was mostly bullish Friday barely moved the market.