Corn: 1-2 better
Beans: 3-4 better
Corn export inspections last week came in at a marketing-year high of 35.9 million bushels, which was on the high end of trade expectations. However, that is still below the bushel amount of 39.6 million bushels per week we need to average in order to hit the USDA’s projected 1.725 billion bushels this marketing year. The global impact of the coronavirus brought new lows to the corn market yesterday. The Chinese ports are backed up with ships due to many of their workers not showing up, which has slowed their import process substantially.
Beans followed the world financial markets lower yesterday. Again, the coronavirus is expected to linger, and more cases are being found every day. The USDA will begin surveying farmers next week regarding their planting intentions, and there is an expectation that soybean acreage could be up as much as 9 million acres despite the corn-to-bean pricing ratio not being favorable to beans. Soybean inspections were at a marketing-year low of 21.8 million bushels last week. This morning the bean markets are trying to trade higher but continue to fight a large Brazilian crop, few weather problems with Argentina and lack of Chinese buying.
This is the last week to sign up for our Averaging contract. It is a great tool to use in your marketing plan! The deadline is Friday at 4:00 pm. Get in touch with your local GMA to sign up.