Mar 25 Morning Ag Commentary

by Steve Freed,

Grains are marginally higher. Number of World coronavirus cases is now near 428,256. US 54,941. US stocks are higher. New US and World stimulus may be helping World stocks. US Dollar is lower.

Corn futures rallied on Tuesday on word that China had bought 250 mt US corn. This brings China total to 1.0 mmt. Some feel China will buy 2.0-2.5 mmt US old crop corn and same new crop as part of their TRQ import license.

Soybean, soymeal, soyoil and wheat markets are trying to find a balance between large South America soybean and corn supplies and talk of higher US 2020 crops versus increase US domestic demand for wheat flour and meat and fact World government are trying to support economies and stop the spread of the virus and some logistic concerns as virus counties to spread. 

US Midwest 6-10 day weather forecast calls for above normal temps in west and normal in east. Rainfall will be normal in north plains, below in Midwest and above in Delta and SE.

In Argentina, enough rain is likely in the next two weeks for favorable crop conditions in most areas. Northeastern Argentina will remain in a dry-bias though through this weekend with some additional increase of crop stress before greater rainfall arrives.

In Brazil, rain will gradually increase in the south after Thursday; though, meaningful moisture will be erratic; Greater coverage of rain will be possible in southern Brazil in early April and this will be important due to monsoonal rains withdrawing later in the month

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2020-03-25T12:54:59+00:00 March 25th, 2020|