White House and Senate strike a deal on $2 trillion coronavirus stimulus bill! $2 Trillion???? Unintended consequences of this whole show are going to be interesting to pull apart in 5 – 10 years.
Dow futures gained 2,112 points or 11.27% yesterday. Trading both sides of unchanged overnight and as of this writing off 51 points. Crude giving up some ground at $23.56 this morning. US $ hammered again overnight and technically looks to sink considerably more.
At 0600 CK20 trading 1 ¾¢ higher at $3.49 with SK20 just a scratch higher at $8.87 ¾. KC wheat off a 1//4¢ with Chi 3 ½¢ higher.
Trade talk China has bought more US corn off the Gulf. Funds credited with buying 5K corn and 1K soybeans yesterday. Net short estimated at 101K for corn and net long 9K soybeans this morning.
Corn and soybean OI off in each of the previous 5 sessions. Implies short covering.
SK20 filling open chart gap overnight and has now rallied 75¢ off the March 16th low of $8.21.
SXSH has lost a dime of its 30-cent inverse in the past two sessions. SXSN a 12 cent inverse this morning. SX19SN20 went off the board a year ago at 51¢ carry. Admittedly looking at a very different carryout picture of both old and new crop today.
Growing concern on southern Brazil Safrina corn. While most of central and N Brazil saw decent rains this past week, southern areas largely missed out………
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