Markets are trading lower as spillover selling from the outside markets casts a shadow over the CBOT Ag complex. Corn is down 4, beans down 5 and wheat down 6 cents.
Trader are paying close attention to the price of gasoline as the US economy tries to shake off the COVID induced recession. Weekly gasoline disappearance will be of particular interest to the pros through the summer.
Traders are also interested in how the spread of the disease plays out in the other less developed countries of the world like Brazil and India. Brazil itself has seen total infections surpass the UK. Likewise in India, Doctors there continue to report that the number of new cases is continuing to steadily rise. The economic impacts of COVID will likely be felt in the world’s export markets as emerging market consumption growth is struggles over the next several months.
Crop ratings for Monday are expected to at least hold steady or gain a point in corn at 75-76%gd/ex. Bean ratings may jump a couple point to 73-74%gd/ex. Over the weekend I traveled a lot of central to southwest WI and saw some great looking crops. There are some areas where corn is a little uneven, but overall things looked great. Reports from a coworker who traveled from Kansas city to Cambria this weekend sounded about the same. The crop is off to a great start and this week’s heat along with a lot of the side dressing that is taking place will definitely make pop!
Have a Safe Day!