Grain Futures—Soybean futures moved sharply higher today on more weather concerns down in South America as well as a weaker dollar vs. the Euro currency. Soybeans have quickly rallied around 60 cents in the last 5 trading sessions also due to the fact that Europe seems to be settling down. Soybeans for March delivery finished up 28 cents to finish around 12.17 a bushel closing near the highs of the day. Corn futures were also higher on improving economic conditions around the world to finish higher by 9 cents to close around $6.20 a bushel.

Grain Futures—Soybean futures finished sharply lower today on beneficial South American rains and lower temperatures as well. Soybeans for March delivery closed around 12.02 a bushel closing right near its low for the day. Corn futures were not as weak today due to the carry over which is still very low historically finished the day slightly higher at 6.53 a bushel. Wheat futures also rallied modestly to finish 2 cents higher at 6.42 a bushel in a lack luster trade today. I still think that the trend is higher in the grain market and buying dips could beneficial in the long term.

Grain Market—March soybean futures posted sharp gains along with the rest of the grain market before tomorrow’s big crop report. Rumors were circulating today that the USDA is going to cut production in Brazil and cut carryover of supply for the upcoming crop year. March soybean futures were up 36 cents a bushel to close around 12.32 a bushel testing recent highs. March corn futures were also 10 cents to close around 6.54 a bushel. Wheat futures for March were up 16 cents a bushel at 6.40 a bushel on anticipation of crop production cuts in tomorrow’s report at 7:30 am central time.