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This Week in Grain – 2/10-2/14 (WASDE Wrap!)

The USDA released their February WASDE report this morning (February 10). The February report is not normally a big market mover and the report followed suit as there were a few surprises, but not enough to get the corn, soybeans or wheat markets above resistance levels or below support levels…yet.

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Market Spotlight: Mini Dow Jones

The Dow Jones Industrial Average (DJIA) is often viewed as a strong indicator of the success of the U.S. stock market and the U.S. economy overall. The DJIA represents nine economic sectors including financial services, technology, retail, entertainment and consumer goods. The DJIA is one of the most widely quoted measures of the U.S. stock market due to its extremely high correlation to broader U.S. indexes, such as the S&P 500.

WASDE Recap

WASDE Recap

The grain data came fast and furious all day! It started with Brazil forecasting their production this morning, followed by the USDA giving us their take on everything but old crop supplies (those will come in the JAN report). While the results of today’s report may have not inspired much volatility at 11 am, I did notice a few things that may become trends over what is left of 2013 and the start of 2014.