Corn and Beans It’s All About Coronavirus
Corn was doing well last week until about mid-morning Friday. Corn had rallied back above the uptrend support and there appeared to be some hope. Plus, there were daily sales announcements from the USDA of 20 million bushels of corn sold for export! However, corn was overtaken by coronavirus. A "risk off" attitude came into all the markets and down we went. But, corn did still close 4 to 5 higher on the week.
Beans were higher earlier in the week, sold off Friday but still managed to close out the week with small gains. It sure could have been worse. It looks like it is going to be worse this week. The stock markets are a lot lower to start the week and crude oil was down over $7 a barrel. Corn opened Sunday night for the overnight session down 8 cents and beans were 17 cents lower. Looks like it is going to be another tough week?