Corn: Down 3
Soybeans: Down 7
Good morning. Yesterday the Chicago Board of Trade was closed in observance of the holiday, and then opened up for overnight trading last night. Last night and this morning corn is losing a bit of what it was able to gain back on Friday due to massive short covering. There was talk that China may have secured 2 to 4 MMT of U.S. corn out of the Pacific Northwest, not a huge surprise if it turns out to be true as U.S. corn is currently the cheapest in the world. As the March Prospective Planting report draws closer, the potential concern for the size of the 2020 corn crop continues to be a talking point.
On Friday the soybean market had a positive close, but this morning we see the soybean trade down as the U.S./China trade agreement is now behind us and the focus has now moved mainly to focus on the South American harvest. While U.S. corn is looking like at attractive option due to price, U.S. beans are a different story with Brazilian beans being a cheaper option.