By Steve Freed,
Grains are lower. SK is down 11 cents and near 8.61. CK is down 4 cents and near 3.70. WK is down 9 cents and near 5.03. Number of coronavirus cases is now near 127,769. Number of deaths is 4,716. The virus continues to spread around the World. US stocks are lower. Crude is lower. Palmoil prices are lower.
Market talk. There is no way of knowing where all this will end. Risk appetite has disappeared, dramatic (panic) action is being taken against Covid-19 creating panic and the impact on jobs and the world economy cannot be estimated – but it won’t be favorable. Not to mention the politicians and health officials who are becoming increasingly bold in the numbers they are putting out for likely Covid-19. The virus will get worse before getting better. It will end sooner than later. People will eat. Grains will be sold. Grain will be moved. Crops will get planted. Animals will be fed. Foods will be made and consumers will continue to buy.
Exchange operator CME Group on Wednesday said it would close its Chicago trading floor after business hours on Friday to reduce large gatherings that can contribute to the spread of the coronavirus.
Weekly US soybean export sales are est near 400-800 mt, corn 600-1,200 mt and wheat 200-600 mt.
Brazil soybean and soymeal prices are higher. Soybean export line up is near 13 mmt with 3.5 mmt shipped so far this month. Brazil farmers are active sellers of soybeans. Brazil farmers are selling corn to domestic higher prices versus export. This is the last day of the Argentina strike. Farmers remain reluctant sellers of grain. Russian wheat prices continue to slide lower.
The U.S. Winter Wheat areas have rains forecasted mostly through the next week. The U.S. Midwest forecast has rain systems moving through the region through the end of next week
The South American weather forecast for Brazil has moderate rainfall coverage for roughly 85% of the growing region over the next 6 to 10 days. The Argentine weather forecast has rainfall expanding over the growing regions over the next 5 days.
The information conveyed by ADMIS or its affiliates to the audience is intended to be instructional and is not intended to direct marketing, hedging or pricing strategy or to guaranty or predict future events, including the pricing and pricing movements of commodities and commodity futures contracts.