May corn continue to grind higher yesterday, despite news that two more ethanol plants will be closing, due to negative margins. Export sales this morning came in at a whopping 1,814,300 for old crop corn.
May soybeans extended their rally yesterday on the back of hopes for better demand and potential port disruptions in South America. The market is giving back some of those gains in the early morning trade.
Outside markets will continue to have a bearing on the grain sector, if we can avoid the limit down days and peak panic environment like we saw yesterday, we think the market can focus back on its own fundamentals.
S&P 500 futures touched price limit down at 2819 down -148 points (-5%) Sunday evening as of this writing. The markets are spooked by corporate earnings slowing from coronavirus and the new oil trade war clash between prominent OPEC members Russia and Saudi Arabia.