Morning Comments April 21, 2020

Caseih Planting 70

Opening Calls:

Corn: down 5 to 6

Beans: down 7 to 10

Good morning,

Corn is trading lower yet again today with May corn making new contract lows. Crude oil prices continue to pressure both commodity markets and equity markets. Weather for corn planting has improved across the US corn belt, and there should be a lot of progress this week. Unless there are big production problems, the US will likely have more than enough corn again after the 2020 harvest. 

Beans are trading lower this morning, also making new contract lows. They are following the corn and wheat markets. Crude oil markets are generally viewed as an indicator of global economic strength, and the last few days have not been positive. There will be no shortage of beans in the world with a decent crop in the US and a record high crop in South America.