Wednesday March 25, 2020

• Markets continue to push higher – since last Monday, wheat and soybean have priced in over $1.00/bu gains 
• Gains sparked my Chinese purchases made from the U.S .mid last week 
• More sales apparently made from U.S. to “unknown” (suspected China) for corn today helping encourage some optimism in that market 
• We have also seen funds come into the market here heavily impacting the wheat price and investors are uncertain in the stocks but know the world has to continue to eat 
• Rumors and headlines have been circulating about different ports closing internationally – however as of yet none have proved to be true 
• Corn prices seem to be feeling the effects of falling ethanol margins and have been unable to make strong moves off their lows
• The acreage story which was thought to be fairly set on large corn acres is now facing a new reality – with ethanol which consumes about a third of the U.S. corn crop in limbo the states facing a huge 95 million acre crop would just dig corn deeper into a hole 
• Beans have seen the rewards of this changing acreage story as prices have come up in attempts to buy acres away from corn to help lessen what is expected to be a huge supply of 2020 corn