Another Tough Week For Corn and Beans
It was another tough week where all grain traders were fixated on any news about Covid-19 and the stock markets. For the week corn lost about 10 cents a bushel. There is news story one after another that employees at ethanol and meat processing plants will either be sick or refuse to show up for work. That of course will decrease the demand for corn even more. The weather has been very dry in Southern Brazil and Argentina, China published a long list of U.S. ethanol plants that can export ethanol and DDG's to China, but nothing matters except the stock market and Covid-19.
It was a very tough week for soybeans dropping around 45 cents a bushel. There is actually some friendly news for soybean process but the market is not paying attention right now. Two weeks ago 71 percent of Argentina's soybean crop was rated good to excellent. Today only 39 percent of their soybean crop is rated good to excellent because of lack of rainfall. At some point maybe basic fundamentals will be important. I sure wish I knew when?