What is the Big Picture for Markets Heading Into Friday's Session?

Corn Market - The corn market experienced a slight decline, with the March issue down 0.75 cents and a trading volume of about 12,000 contracts [1] - The National Corn Index was calculated at $4.0966, placing it in the lower 41% of its price distribution range based on weekly closes from 2019 [1] - US corn supplies continue to exceed demand, as indicated by the Index running below previous 5-year end of month lows [1] Soybean Market - The soybean market saw a modest increase, with the March issue up 4.75 cents and a trading volume of 12,500 contracts [3] - The National Soybean Index was priced at $9.9023, up about 21.0 cents for the month and above its previous 5-year end of January low [4] - The May-July futures spread strengthened, indicating a shift in commercial positions suggesting less expected demand for US supplies next summer [3][4] Wheat Market - The wheat sub-sector was quietly lower, with the March HRW issue down 3.0 cents and low trading volumes [5] - The National Cash Indexes for wheat continued to hold below previous 5-year end of January low prices, indicating an oversupply situation [5] - The overall market price for US wheat suggests that supplies outweigh demand, consistent with the Law of Supply and Demand [5]