First thing I hear on the news this morning as I sat down; a lady saying to wash your hair every day when you get home from work. This to wash off “Respiratory Deposits” on your hair collected through the day.
Coronavirus hysterics remain front and center. Coronavirus; 10K cases in Italy? 1K in the US. What’s up with Italy? Virus that originated in Wuhan China has killed 3,158 people in mainland China. China population in 1.386 billion.
At 0600 mixed trade. CK20 off 1 ¾¢ at $3.75 ¾ on vol of 8K contracts. SK20 2 ½¢ higher with vol of 16K. Chi and KC wheat giving up a couple cents.
Dow futures off 465 points this morning at 24,381 and 1k points above the low. Crude 97¢ lower at $33.41. US $ showing modest losses.
USDA left 19/20 corn and soybean carryout numbers unchanged in yesterday’s report. Corn c/o at 1,892 mln bu and soybeans at 425 mb. Suspect USDA will lower soybean exports in coming months as we run headfirst into South American harvest.
USDA did raise Arg and Brazil soy production by 1 mmt each. Combined these two countries to harvest 6.6 Billion bushels of soybeans.
Looking at Dow and S&P futures make me recall this oldie but goodie; “Markets always most Bullish at the Top and most Bearish at the Bottom”. I’m not sure we’re “The most bearish” yet?
Some best of season soybean basis trading in central Iowa yesterday. Overall off farm movement remains slow across the country.
Now we wait Planting Intentions and Qtrly Stocks Data at month end.
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