Ag Markets Closed Today In Observance of President’s Day
The ag markets here in the United States will be closed today in observance of Presidents Day but remember the rest of the world will have a normal trading schedule. The grain markets will open the normal time at 7:00 this evening and the livestock markets will open the normal time Tuesday morning at 8:30 when the grain markets reopen after the overnight session. Maybe after the USDA Supply Demand and WASE Report last Tuesday it is a plus there is a long weekend!
Maybe traders, especially the bears will have some time to think about the numbers that were not as bearish at as they thought? Corn carryover was only about 160 million bushel higher than the average trade guess. Plus, for the week the nearby March corn contract closed only 9 cents lower. Sure, it seemed a lot worse because Monday and Tuesday corn rallied into the report that was released at 11:00. Corn was trading up 10 at 11:00 and a few minutes later it had dropped 20 cents a bushel.
so, it became a bit of a rout as the selling increased. However, I have seen it many times that there is a pattern change after a long holiday weekend. We will see this evening at 7:00 and Tuesday morning at 8:30.
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