Monday April 6, 2020

• Corn testing new lows falling to its lowest level since September 2016 
• Wheat finding support with continuing world demand for carbs 
• Monthly USDA supply and demand report out on Thursday – usually this is the first report that will reflect the coming crop year with the USDA’s initial planting intentions released at the end of March however, their are already questions as to weather or not these numbers will be used given the lack of confidence in the acres based on the events of the last month 
• USDA revised their soybean crush number for February over the weekend lowering it from 181.6 million bu to 175.3 – despite the revision this is still a record number for February crush 
• Brazilian crushers Abiove updated their 2019 soybean production estimates to 120.75 MMT from 118.6 MMT
• Brazilian soybean harvest now nearing completion at an estimated 86% complete 
• Stock markets believing we are nearing the peak in the coronavirus in the U.S. with the White House warning this will be a bleak week with significant deaths but looking for a break past this week into the end of the month