Corn and Beans There Is No Hope?
The first three days last week were very quite with little action. It was very exciting on Thursday when corn rallied and broke out higher. March corn closed above $3.92 in the March and it looked like we were ready to move higher. Plus, there was huge volume on the breakout. What can you say, if it is not one thing it is another. Friday we lost all the gains from Thursday and then some. Plus Sunday night corn opened lower again. Traders are concerned about the spread of coronavirus in China and around the world!
The action was even worse for soybeans. Export sales were again very solid for beans, soybean mean and oil but still we went lower. It does not help that harvest is getting underway in Northern Brazil and the reports are pretty good yields. Plus, the weather appears non-threatening in central and Southern Brazil. Plus, Argentina is forecast to get more rain where it has been dry. It feels like there will never be any hope of higher prices!