There were few changes in yesterday’s WASDE report for corn and beans which was expected. Corn ending stocks came in at 1.892 which was unchanged from last month. Soybeans also came in unchanged from last month at 425 million bushels. The next major report from the USDA will be the Prospective Plantings report that will be released at 11am on March 31.
The number of coronavirus cases is now near 120,000 with the number of deaths over 4,300. The virus continues to spread around the World and continues to have significant financial impacts on everyone. Crude oil is down again today after a slight recovery on Tuesday following Monday’s big selloff. Crude is currently trading in the $30-33/bbl range with private analysts projecting $20/bbl in the coming weeks/months. The US Government is looking to take steps to head off massive deflation by cutting rates and the President is discussing tax cuts. The Fed is worried about the lack of spending by consumers and don’t want to see businesses failing.
Corn is down 2 and soybeans are up 2 to start the day.
Have a Safe Day!