Corn up 3 to 4
Beans up 8 to 10
Corn and beans fell sharply yesterday after crude fell hard and equities tripped circuits shutting down trade at the Dow for 15 minutes. Adding to crude oil woes is the market share war between Russia and Saudi Arabia, causing an overproduction of oil, with the decline of demand from coronavirus. But on the overnight, the markets are rebounding after the Dow futures traded up 1,000 points and crude up more than $3 a barrel, giving corn back 3-4 and beans 8-10.
There is a WADSE report out at 11 am today, and estimates are pegging corn ending stocks 1.888 billion bushels down slightly from February, and bean stocks at 426 million bushels vs. 425 million in February. U.S. beans and corn will continue to fight cheaper options in South America, with the Brazilian Real being the worst-performing currency, dropping more than 15% against the U.S. dollar.