We kicked off the morning with a strong finish in the overnight session for grains. Corn prices are up by approximately $0.08, soybeans have increased by about $0.13 to $0.14, and wheat has also seen a rise, with Kansas City and Minneapolis both up by $0.10. Despite the weekly export sales not being particularly noteworthy, with corn sales being decent for this time of year and soybeans lagging slightly, the markets are showing resilience.
The strength in the corn market is attributed to technical buying, spurred by concerns over a lack of rain in South America's growing regions. This evening's State of the Union address by President Biden is highly anticipated, as there may be mentions of increased allocations for biofuels, potentially boosting demand for grains.
