Turn around Tuesday?
Yesterday, corn and beans both finished higher and subsequently finished the overnight session lower. Yesterday’s export inspections report was positive with almost 35 million bushels of corn and 87 million soybean bushels loaded last week. Both numbers were within the range of expectations. However, South American planting progress continues to be near last year’s progress as well as the 5 year average. Argentina is now 63% complete on corn and 62% on soybeans. There is also a little better chance of rain forecast in parts of South America. Both of these items put pressure on the overnight session.
Beyond that, the reality of a slow end to the corona virus pandemic weighs on the market. We haven’t had an update this week on ethanol production or gasoline consumption from last week, but no one is expecting a miraculous recovery from the low numbers in the previous report. Many also realize we’re coming up on the MAJOR holidays, and the prospects for many people to forego travel somewhere are becoming clearer to all.
Corn 2 to 3 lower
Beans 4 to 6 lower
For now, we encourage you to continue to pick your spots, price spikes, look for opportunities with New Crop values and let us know if you’d like to have any offers working.