Summary: Grain traders had an epiphany of sorts this week as 2021 picked up where the old year left off. Continued drier weather in South America was paired with the release of private estimates just ahead of a stack of USDA reports. March wheat lost 2 cents while the nearby corn contract added 12 cents. There was more investment in the soy complex, even as China cancelled some of its sales. Nearby soybeans jumped 64 cents. March soybean meal went up $10.20 per ton. March cotton expanded $1.65 per hundredweight. In the dairy parlor, February Class III milk futures skyrocketed $2.18 or 13 percent.
