Coronavirus aid package being discussed has equity markets around the world rebounding. Concern about US debt will have to wait for a later date.
Dow futures 900 points higher at 0600 trading at 19,389. Crude a buck and change higher at $24.63. US $ getting hammered this morning.
CK20 trading a ¼¢ lower at $3.43 ¼ with SK20 off 6 ¼¢ at $8.77 ¾. Both showing typical overnight volume. KC and Chi wheat both giving up some ground as well.
Soybeans closed higher yesterday making it four in a row. Have turned in a respectable $0.064 ¼ rally and moved just inside open chart gap left on March 3rd. A breather in order. Yesterday’s highs may prove a tough spot for soybeans to penetrate.
Some private consultants in Brazil lowering that countries 19/20 bean crop due to southern area dryness. Have seen one report as low as 120.6 mmt. For company the last USDA forecast for Brazil was 126 MMT.
Corn planting made rapid progress in Louisiana last week, with more than a third of the corn crop planted there.
Weekly export inspections showed corn exports at 817,000 tonnes (700,000 to 1,050,000 expected) and soybean exports at 571,000 tonnes (450,000 to 650,000 expected). Both numbers remain under the level needed to reach USDA annual forecast.
SXSH hit a 30¢ inverse yesterday. Last time it was that large was in ’16 when soybeans were starting a $3.24 world vegoil led price rally. Wild markets provide opportunities………
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