Morning Comments May 14, 2020

Johndeere Planting 29

Opening Calls:

Corn: steady

Beans: down 1 to 2 

Corn traded lower yesterday with concerns about the ethanol recovery. Ethanol production last week was behind, 41% below last year’s production. It is estimated corn for ethanol usage lagging by 266 million bushels from last year. Gasoline demand did post an increase, but is still estimated to remain behind pre-COVID thru the summer months. 

Soybeans continue to slide down with the weakness in the Brazilian Real and the Argentine Peso, encouraging expanded production. Also, stressing the bean market is the climbing trade tensions between the US and China over the source of COVID. 

Two events today: 

Matt Carstens will be on the BIG SHOW on WHO today. 

Also, today at noon the USDA will host a Webinar for Producers interested in applying for Direct Payments through the Coronavirus Food Assistance Program, click below to register.