Morning Comments February 20, 2020

Corn 96770 Pixels Free To Use

Opening calls:

Corn down 1-2

Beans down 4

Corn markets closed lower yesterday due to lack of confirmation of any Chinese sales and the new 2 ¾ year high in the U.S. dollar encourages S. American and Russian production due to the weakness in their currencies. The Outlook Forum for the USDA begins today. They should have an updated new-crop acreage number and an updated balance sheet tomorrow. Corn market is trading lower this morning from lack of news.

Beans closed higher yesterday with the hope that China will start buying soon. We will wait to see what the Outlook Forum shows today for new-crop acreage numbers. The bean market is trading lower this morning. There appears to be no shortage of beans in the world with the decent crop in the U.S. and with what appears to be a record-large crop in South America.