Market Update for Jan. 16, 2018Market Update for Jan. 16, 2018

Soybeans are getting some follow-through buying. The trade was surprised by USDA's soybean numbers released Friday. Soybeans were up 7 cents. The report gave bullish chart signals for soybeans.

Corn is setting new contract lows. Wheat is extending Friday's losses. USDA's seeding estimate surprised the trade.

The market is ignoring the bitter cold temperatures that are impacting the winter wheat growing area in the United States. The wheat region is experiencing its third damaging cold snap of the winter. Yet, there are large worldwide wheat stocks.

The dollar is making three-year lows. The currency markets are showing turmoil. The stock market is up 5% in January. There is nervousness about bitcoin.