Morning Comments March 11, 2020

Soybean Field Sunshine

Opening Calls:

Corn down 2

Beans steady to up 1

Yesterday was a turnaround Tuesday for corn (up 4) and beans (up 5-6), regaining some losses from Monday. The Dow and crude also gained some steam to the upside, but crude still fights overproduction in Russia and Saudi Arabia. The WASDE was released at 11 am yesterday, and U.S corn and beans balance sheets were left unchanged. World stocks on corn remained quiet, and beans saw an increase with Brazil and Argentina production increasing 1 MMT each. However, demand still outpaces production. This morning corn is down 2 and beans steady as equities and crude turned lower on the overnight with the uncertainty of the coronavirus looming over the economy. In attempts to bolster the economy, the Trump Administration is calling out for a temporary elimination of payroll taxes, and Britain announced an interest rate cut, as world markets slow with the coronavirus.