Corn: 3 to 4 lower
Beans: 5 to 6 lower
The corn market is trading lower this morning. Plummeting crude oil prices and lower equity markets will keep the corn market lower. Low demand for ethanol and a poor global economic situation continues to play a big part in the poor corn market. There is also still concern about the potential size of the 2020 corn crop. The planting progress report is expected to show planting 6-7% complete this afternoon. This is behind the mid-April average of 12%. A good weather forecast this week should bring it up to 20- 25% by next Sunday.
Following the lead of outside markets, beans are trading lower this morning. The Chinese are still buying much of their beans from Brazil. With South America having a record-high crop and another decent one in the U.S., there will be no shortage of soybeans in the world.
As we finally get into some great planting weather this week, please consider safety in all that you do this Spring.