Monday March 9, 2020

• Crude oil prices trades more than $14/barrel lower overnight and U.S. equities futures indicating a potential crash as fear is spreading through markets world wide 
  • Commodity markets falling with the rest of the world markets
  • Sparked by deteriorating relations between Russia and Saudi Arabian and fueled by already present fears due to the corona virus out break 
• Canadian dollar down hard today as well tethered to crude
  • Basis levels rising into the elevator a result 
• Corn able to keep relatively narrow losses so far compared to soybeans 
  • Considering corn is tightly tied to energy through ethanol it would have been expected they would react more strongly to a falling crude market 
  • However corn still needs to buy acres in the U.S. to keep them from growing beans and perpetuating the hefty carryout numbers 
  • This reaction is just another push for American farmers to get their corn planters ready 
• USDA report being released at noon tomorrow