Wheat futures closed lower, setting new life of contract lows heading into tomorrow's USDA Crop Production Report which will be released at 9:00 am. Pressure in the wheat market came from news that as partof the cease fire agreement between the Ukraine and Russia, Russia will withdraw its troops and the Ukraine will give more autonomy to its eastern provinces. Corn and soybeans closed slightly higher supported by forecasts for freezing temperatures in Canada and the Northern Plains of the U.S. Export Sales will also be out tomorrow.
Odessa Seed Plant Hours Mon - Fri 7:00 am to 5:00 pm Saturday 7:00 am to Noon
Harrington Seed Plant Hours Mon - Fri 7:30 am to 4:30 pm Saturday 8:00 am to Noon
Market hours: AM 9:00-11:10, PM 3:00-4:30 No PM market on Fridays No PM Hard Wheat Markets
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On Wednesday, the Farm Foundation hosted a forum at the National Press Club looking at some of the complex issues involved in the proposed rule regarding waters of the United States by EPA and the Army Corps of Engineers.
Analyst David Hightower thinks the next two months will be ugly for the corn and soybean markets, but he's a little more optimistic about six-month timeframe. He also stressed that the low in the corn market will come before the low in the bean market. He thinks demand will be stronger than people think.