Positive signs (fewer cases & deaths) have lifted equities and most other macro markets, including modest gains in corn and beans. Wheat is weaker based on better than expected crop conditions.
The corn markets seem to be in a “Turnaround Tuesday” mood for the summer row crops. The wheat is seeing a little pressure after better than expected rating on the initial crop rating release of the spring yesterday afternoon. NASS estimated that 62% of the US winter wheat crop is rated Good-To-Excellent (GTE). This would be the best since 2010 and suggests that abandonment will be the lowest in a decade.
Wall Street is rallying alongside stocks in Europe and Asia amid continuing optimism the spread of the coronavirus may be slowing in several major economies.
Oil gained on signs the world’s biggest producers are moving toward a deal to call off their price war. It sounds as if the Russians and Saudis are making progress on their pact that would see them and the rest of OPEC+ cut global oil production by a massive 10%. The thinking right now is that the US will participate in the new oil cartel, but whether or not they participate in the production cuts remains open for discussion.
Producers across the Midwest have become a lot more active in the fields over the last week with the warmer temperatures. The major weather models are in agreement in calling for a few more warm days ahead before some cooler temps settle back in over the central US late this week and into next week when a trough dips south out of Canada. The next few days should be pleasant with highs expected to reach into the 60s and 70s across much of the Corn Belt. before things cool off this weekend.
Have a Safe Day!