Wednesday April 29, 2020

• Corn able to hold some strength with buyers coming in keeping old crop futures right about the psychological $3.00 support
  • The $3.00/bu futures mark has essentially been a baseline for corn prices since ethanol has come into the picture 
• Trump has ordered closed down meat packing plants to reopen under the Defense Production Act to help protect the food supply chain 
  • This will help packaging plants get around local restrictions however will not solve the problem of employee absentees and the plants will need to increase employee protection. More details to be discussed in a meeting with industry leaders later today
• Argentine facing difficulties with exports due to the low water levels in the Parana River 
  • the river is sitting at the lowest level in 50 years and grain vessels that usually hold 60,000 MT are only being filled to 50,000 MT and are having to make a second stop to fill the vessel slowing the export process