Morning Comments March 4, 2020

Harvesting Soybeans

Opening calls:
Corn: penny lower
Beans: 3 cents higher

Good morning!

Grains trading mixed this morning after a choppy day in the commodity trade yesterday. The bean market is seeing a little support as traders are keeping an eye on Argentina export tariffs and activity, and also talk circulating around U.S. farmers wanting to plant more corn in 2020. We will continue to see private firms come out with acre estimates throughout the month before the USDA report at the end of March. Looking at demand, bean traders are still looking for government optimism on exports to China. We haven’t seen a huge increase after the Phase 1 trade deal has been official- largely in part to coronavirus which is still on the radar. Analysts continue to increase the size of the South American bean crop, which is not in our favor here in the U.S.

Have a good day!