Grains

Soybean prices rallied yesterday, much of which was on the back of technical relief. Outside markets have stabilized as concerns over coronavirus ease, spilling into support for commodities.
Soybeans managed to rally yesterday on technical relief and good export inspections, 1,356,000 metric tons. Reports that China is seeking flexibility on trade targets amid coronavirus added a wet blanket on things midday.
Soybeans felt the heat into Friday’s close as coronavirus uncertainty and fears led to a risk-off trade ahead of the weekend. Not a lot of new news over the weekend has led us to a choppy overnight trade.
The soybean futures market is making new lows as global markets come back under fire. With little new news, much of the recent selling pressure is technical in nature.
Soybean futures market is making new lows for the move in the early morning trade as global markets come back under fire. With little new news, much of the recent selling pressure is technical in nature.
Coronavirus fears created a risk-off (sell first, ask questions later) atmosphere on Friday and that has continued through the weekend and into Monday morning markets. Nearly 3,000 people are infected with a mortality rate said to be around 3%. Nearly everything is under pressure, safe havens like gold and silver are catching a bid.
Corn futures caught a bid yesterday on some good export news, sales of 255,224 metric tons to Guatemala and Unknown (presumably South Korea) were reported. Export sales this morning came in at 1,006,900 metric tons, 28% higher than last week and 92% above the 4-week average.
March corn futures were little changed yesterday, with little new news hitting the wires. Export sales are pushed back to tomorrow morning. As noted for the last week, we believe option expiration will continue to keep a lid on the market at 390.
March soybean futures broke lower yesterday on what was largely technical selling. Yesterday’s weekly export inspections report came in at 1,199,000 metric tons, this was at the top end of expectations.
Last week’s signing of Phase-1 was a classic buy the rumor, sell the news response. The substance in the trade deal remains suspect in our eyes. China has stated several times that imports will be based on market conditions, ie: supply/demand and price (same as before).