Markets are lower this am with corn down 4 and beans down 14.
We are getting off to a rough start this week after comments from President Trump over the weekend indicating that the US will work to diversify its global supply chain away from China. The fear is that the Trump Administration could reissue new tariffs against the Chinese as retaliation for an alleged cover up at the initial stages of the coronavirus breakout.
After all the work that was done on the Phase 1 trade deal, it could all come apart rather easily as it becomes collateral damage. The White House seems to be leading the charge when it comes to finger pointing towards Beijing to accept responsibility for the COVID-19 outbreak.
Weather outlook for the next couple weeks looks like it holds below normal rain for the next couple of weeks. This will be particularly welcome to farmers in the ECB. Temperatures will still be on the cool side for the balance of this week before things warm up next week.
This afternoons planting progress should show US corn at or above 50% complete after last weeks favorable weather.
Have a Safe Day!