Market Update for Jan. 26, 2017Market Update for Jan. 26, 2017

Soybean prices cooled Friday, but what a difference two weeks makes. Just 14 days ago, March futures dipped to a low of $9.3725. Today, they closed nearly 50 cents higher, at $9.8550 – despite falling 6.75 cents on the day. May futures also lost 6.75 cents, falling back below $10 and closing at $9.97. March and May corn futures each gained 1.25 cents to close at $3.5650 and $3.65, respectively. Wheat prices posted moderate gains after receiving positive export news from USDA.

Unknown destinations purchased corn three times this week.

The long-range weather pattern is setting up for a classic February La Nina, with dry and hot weather in the southern United States and wetter than normal in the Plains.