Morning Comments March 9, 2020

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Opening Calls:

Corn: Down 5 to 7

Soybeans: Down 17 to 20

Grains traded down hard on Sunday’s overnight as the world markets continue to be pressured with virus fears. The Dow Jones and S&P lost almost 5%, and crude fell hard, down 22%, see chart below.

The U.S. dollar fell to a 14 month low last week too, and there is a potential that stock trading will halt today if the S&P falls below 7% today. The window for exporting corn is closing with Argentina now offering corn 20-30 cents cheaper, and beans will struggle with a decent crop in the U.S. and a record crop in Brazil. We will have to continue to watch crude due to overproduction and a slow demand base due to Coronavirus. WADSE Report tomorrow, many are in the belief that demand numbers, especially exports could be cut.

Grain comments chart 030920