Corn: steady-1 better
Beans: 7-9 lower
The corn market hit new contract lows yesterday and took those lows out in the overnight trading session. The losses in the global energy and equity markets continue to put downward pressure on corn prices as the concern over the coronavirus spills over into nearly all of the commodity markets. Export sales last week were on the low end of market expectations at just 34 million bushels which is behind last week’s sales of 49.3 million bushels. Corn is lower this morning due to the continued fear of coronavirus and the Argentine harvest starting to pick up the pace. The USDA is expecting increases in corn exports, but the trade seems to be hesitant to factor that in due to the global slow down we are currently in.
The soybean market made a 5-month low early in the trading session yesterday but was able to rally back and close higher mostly supported by the strength in the soybean meal market. The problem is, the effects of the Chinese coronavirus are expected to linger and be a problem for U.S. soybean export demand. Last week’s export sales came in at a disappointing 12.5 million bushels which were way behind last year’s same-week sales of 77.9 million bushels.
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