Corn: 5 to 7 lower
Soybeans: 10 to 12 lower
Overnight markets are down with the threats of Coronavirus bringing a lot of uncertainty towards Chinese buying. This, along with the Chinese New Year, will likely delay any Chinese buying for some time. Record harvest numbers for South American soybeans will continue to limit any rallies that should present themselves. There is some rain in the forecast south of the equator as well, bringing in some relief to the areas affected by dry conditions.
On the bullish side, new corn sales were decent to round out last week at 39.6 mil bu. which was slightly above expectations. While it may be unlikely that we see a surprise purchase, US corn is still the cheapest on the market through April.
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