by Steve Freed,
Grains are lower. SK is down 8 cents and near 8.73. CK is down 3 cents and near 3.45. WK is down 6 cents and near 5.74 Number of World coronavirus cases is now near 479,840. US 68,573. US stocks are lower. US Dollar is lower. Crude is lower. Ongoing spread of the virus continues to raise concern about World economy.
In South America, Argentina mandated that workers in export trade will be exempt from isolation. Brazil ports are open but the government is trying to move grain to ports and processors. Weather is favorable for crops.
In a rare move Russia announce next week there will be a holiday for all workers to try to control the spread of the virus.
Weekly US export sales are est for wheat near 200-500 mt, corn 900-1,800 mt and soybeans 400-800 mtt.
Corn futures are on the defensive on concern about demand for US corn. Trade est US 2020 corn acres near 94.1 with a range of 92.0-96.4 versus 89.7 last year. March 1 stocks are est near 8,134 mil bu vs 8,613 last year.
Soymeal and soybean futures found resistance on talk of big supplies moving from Brazil to China which should help soymeal supplies. Trade est US 2020 soybean acres near 85.0 with a range of 82.7-87.5 versus 76.1 last year. March 1 stocks are est near 2,228 mil bu vs 2,727 last year.
Wheat futures rallied on increase domestic use. Trade est US 2020 wheat acres near 45.0 with a range of 44.0-46.0 versus 45.2 last year. March 1 stocks are est near 1,420 mil bu vs 1,593 last year.
US 6-10 day and 8-14 day weather forecast looks cool and mostly dry.
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