How Did the 3 Kings of Commodities React to Weekend Developments?

Corn Market - The National Corn Index was priced at $4.0025, with a national average basis of 37.25 cents under March futures, indicating a low intrinsic market value [1] - The price of $4.00 places the Index in the lower 18% of its price distribution range since 2021, suggesting weak market fundamentals [1] - Upcoming reports on weekly export sales and shipments are expected to show a continued slowdown in US corn shipments [1] Crude Oil and Gold Markets - The US actions in Venezuela have influenced the crude oil market, with Venezuela holding the world's largest underground reserves [2] - Pre-market trading showed solid gains in oil company stocks, while WTI and Brent contracts lost up to $1 overnight [2] - Gold prices increased significantly, with the Cash Index gaining $101 (2.3%) and February futures rising $114 (2.6%) [2] Soybean Market - The soybean market showed a rally, with the March issue opening unchanged and reaching a high of $10.4575 after hitting a low of $10.38 [4] - The National Soybean Index was priced at $9.7125, indicating a firming of the national average basis by nearly 4.0 cents, suggesting increased immediate-term demand [4] - Anticipation exists for USDA to announce export sales, with potential corrections expected in recent sales and shipments numbers due to previous reporting errors [4] Wheat Market - The wheat sub-sector showed positive movement, with March SRW trading at 2.25 cents higher, indicating potential noncommercial short-covering [5] - The previous Commitments of Traders report indicated an increase in net-short futures positions, suggesting a bearish sentiment in the market [5] - Despite a 27% increase in the pace of US wheat shipments compared to last year, all National Wheat Indexes were below previous 5-year lows [5]