Corn and cattle opened down but settled up; soyoil opened up but closed down with the rest of the complex; and wheat never saw the light of day. The rationale for the doldrums at the open was news of a March increase in the Federal Funds rate. That would reduce liquidity and inflation, starving capital from commodities. However, petroleum is the biggest commodity and it closed higher, equities closed lower but in low percentage terms, leaving wheat to get clobbered. An interest rate hike is not a surprise and technicals remain at play.

Despite the down day in soybeans, the March contract remains nearly 50 cents higher over the past five days of trading. Corn also remains higher, but wheat has been demonstrably the victim of bears. ...