Summary: The commodity markets faced weather in South America and traders waiting to see if Chinese buyers would make good on their Phase One promises. For the holiday shortened week, March wheat gained 3 cents and the nearby corn contract lost 2 cents. Higher U.S. soybean prices and the fact that Chinese demand has yet to materialize pushed the March soybean contract 28 cents lower. March meal lost $2.30 per ton. Cotton continued its decline falling $1.90 per hundredweight. Over in the dairy parlor, February Class III milk futures climbed 49 cents.
