Corn: 1 to 2 lower
Soybeans: 1 to 2 lower
Yesterday the May corn contract closed 1 1/4 higher, and the May soybean contract closed 5 1/4 lower. The corn market closed higher yesterday with two supportive factors which include an 11 cent rally in the gasoline futures contract, and the likelihood that China has secured another 250,000mt (or more?) US corn. This morning the soybean market along with the soybean meal market is trading lower. The Argentine government amended the shutdown that they made last week to now allow traffic to the ports that has given reassurance to the global soybean meal market.
Concerns about the size of the 2020 corn crop continue to arise as we get closer to the 31st when we will see the Planting Intentions Report released. Trade estimates for corn acres at 94.3 million acres and soybeans at 84.9 million acres. There is also a Quarterly Stocks report due out the same day, Tuesday, March 31.
This morning, DTN will be hosting a webinar entitled:
Farming through Covid-19: Managing labor and employees during the pandemic.
This will be hosted by Lori Culler, founder of Ag Hires and DTN’s “Ag HR Coach”.
Chris Clayton, DTN Ag policy editor, will give an update on specific policies that affect agribusinesses throughout this time.
To register, click on this link: register today