Markets stronger this morning with corn up 3 and soybeans up 15.
Early indications are that the market is giving some strength to reports from the FDA and private pharmaceutical. The Food and Drug Administration issued an emergency use authorization to Lucira Health Inc’s rapid result All-In-Test Kit. The test can be self-administered and provide results in 30 minutes or less.
Pfizer said final results from the late-stage trial of its COVID-19 vaccine show it was 95% effective, adding it had the required two-months of safety data and would apply for emergency U.S. authorization within days.
Prices finished off the highs yesterday, with weakening outside markets. Corn has mostly been a follower, and hasn’t even tried to test the Crop report high from last week. The Funds are already long so many contracts it’s hard to get much more push.
While we are getting closer to a vaccine, it is still a long way off from distribution and with numbers on the rise we are seeing more and more areas close down again. It’s going to be a long grind but making some sales with the current market strength will help producers weather the storm.
Have a Safe Day.