Tuesday the 31st USDA planting intentions and stock report
Remember this was as of March 1st time framed. Many things in our country has changed since then and in ALL World economies.
I read this today, Visa and MasterCard have delayed a set up fee increases set to take place next month until July. Why don’t they help the people that use their cards and LOWER interest rates ? Many are going to use those cards more now at these crazy times we live in.
Ethanol is the biggest demand factor for corn and will still cap rallies. Is the news in the market already? Time will tell. China does and said they may and could buy $800 million of ethanol from the US.
Both corn and bean acreage will be larger than last year but we might see more bean acres than the trade est. SA has some issues and we have seen soybean meal led the rally. Corn has an anchor to drag around right now. Bean story carryout could become tighter if SA slows down more grain transportation or shipments due to the virus.
Corn needs to hold the 330-329 area and rally might take us up to 362 and IF China buys more corn or ethanol from US then maybe 375.
Dec.pending acres one should think of rewarding rallies 375, 382 and 392 imho.
Beans look for res: near 902 and 922. Bean bull spreads (long July short Nov.) can still work in a down market with BIG bean acres.
MY view mho I don’t want to play the short side at this time but DO want to be pro-active in new crop Corn and Soybeans on rallies to hedge some percent of production.
Cattle limit moves daily is insane. Charts are useless and closes mean nothing.
Dollar has had a nice break off it’s highs.
Good Luck this week and watch the market action off Tuesday’s report. Wheat has been the floor leader and 590.75 is this years Highs for May Wheat.
Use the 6 ft. rules and wash those hands