Commodities broker Gordy Kralovetz with Chiodo Commodities said China’s purchase of over 2 MMT of US corn helped corn recover after falling about 70 cents a barrel. bushel. China and perhaps other end users saw value after the big breakthrough. The market doesn’t seem to be really worried about the worst drought in modern history in Argentina as beans fell hard last week!
attachment-GORDY RECAP 3-17
The market also doesn’t seem to be really worried about the second crop of corn in Brazil. Part of the lack of concern may be that Brazil is harvesting a huge soybean crop right now? It seemed that all ag markets were more concerned about the Federal Reserve raising interest rates and concerns about bank failures. Click the link and listen to Gordy talk about last week’s ag market action.