Corn and soybeans finished mostly unchanged. Overnight corn is off a bit while soybeans and wheat are higher. Wheat is higher on rumors Russia is contemplating export quotas on wheat. Soybeans are propped by strong meal and China market as well as possible political issues in South America dealing with the outbreak. We are awaiting Tuesday’s quarterly stocks and planting intentions. Doubt either will be factoring in these latest developments for the near term outlooks.
Today’s Corn Outlook: Corn settled .25 cents higher but are off 1.75 cents overnight. Corn has held together rather well considering the demand destruction that has happened in the short run. Many think if the reports on Tuesday come out in line with estimates the contract lows will be in danger and that is hard to argue against. China purchases and continued uncertainty with the SA politics in dealing with the outbreak are the two major factors on the bullish side.
May Corn Technicals: The corn market is bearish territory and continues to blow thru technical support. A close under 3.35 ½ will open up 3.18 on the downside. Bulls need to see a close over 3.55.
Today’s Soybean Outlook: Beans settled 1.25 cents lower but gain 2.75 cents overnight. China beans were higher last night and there are some interesting stories coming out of South America. Argy’s president is looking at various lockdowns and quarantines that will affect export loadings and departures. Brazil’s president is taking the other route blaming the media for creating hysteria and local province officials of choking the economy with “scorch the earth” policies on movement. This uncertainty will
May Soybean Technicals: The soybeans are short term bullish and a close above 8.90 will open up a challenge of 9.00 and 9.10. Bears need a close under 8.61. Exports: 163K tonnes of soybeans to Mexico and 114K of corn to Unknown.
Weather: Midwest near to above average rains will limit progress. C&S Brazil will have short term stress relief but will build farther out. Argy’s current rains trim dry areas.
Dollar Index: The dollar is trading 47 ticks higher this morning at 99.93. Brazilian Real: The Real is trading 40 ticks lower this morning at 19.63.
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