At 8:45am:
In early trading, the March corn futures are 1/4¢ lower at $3.72. May corn futures are 1/2¢ lower at $3.76.
March soybean futures are 3/4¢ lower at $8.78 1/4. May soybean futures are 3/4¢ lower at $8.87.
May wheat futures are 1 3/4¢ lower at $5.35 1/4.
May soymeal futures are $1.10 per short ton higher at $294.10.
May soy oil futures are $0.17 cents lower at 29.45¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.58 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 850 points lower.
Al Kluis, Kluis Advisors, says that the global picture for all commodities is being impacted by the recent headlines.
“The negative headlines from the coronavirus continued to weigh on the grains during the session on Tuesday. Although corn and soybean prices did not take out the Monday low, traders were closely watching the stock market. Selling was heavy and consistent all day long. Wheat prices did make a lower low. However, prices managed to close slightly higher on the day. It is worth noting that the livestock markets have also been hit hard in recent days," Kluis stated in a daily note to customers.
Kluis added, "Export sales to China have been few and far between in recent weeks. Although this is disappointing, we have to remember that China typically buys from South America this time of year."
What say you?
Mike
