Corn: 1-2 lower
Beans: 1-2 higher
Corn is trading lower this morning with no new news in the market place. Attention will now turn to the USDA’s Outlook Forum on February 21st which will focus on longer-term planted acres and yields. Current estimates for 2020 planted acres are 92 – 94 million acres with a trendline yield of 178.5 bu./acre. South America continues to have improved weather conditions and we continue to wait and see if China will make additional purchases and the long term effects of the coronavirus on the marketplace.
Soybeans gained 7 cents yesterday which was the highest of the month as funds worked to cover short positions. The March contract is up a couple of cents this morning as the market still needs additional demand in order to provide any kind of nearby rally. The predicted record yields in Brazil along with the U.S. 2020 planting predictions will create a surplus that will struggle to find a market.
The deadline for the new crop Averaging Contract is quickly approaching – contact your local Grain Marketing Advisor to learn more about how this contract can fit into your marketing portfolio or call the trading floor at (877) 778-2226.
We are also only TWO days away from our women in ag conference, Ventures. Many great speakers and topics are lined up including Delaney Howell. This is a conference you won't want to miss! Register TODAY!