Signal to Noise | February 28, 2022

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This year’s negative PDO has been significantly negative for 21 straight months. At the same time, NOAA predicts a strong evolution toward El Niño late this spring and early summer.

Grain and soy markets are expected to open with a firmer tone. Corn will be supported by bullish export news.

USDA reported weekly corn sales in week ended March 16 at 3.096 MMT, while soybeans and wheat each missed the low-end of their respective pre-report ranges.

Corn futures built on Wednesday’s corrective gains overnight, while soybeans and wheat bounced after recent losses.