Outside Markets Continue to Affect Ag
I read a commodity analyst on Twitter say that we are all trading the stock market this week. The message there is outside markets in the midst of the coronavirus are going to trump most fundamental information. But that may change, especially as we start to approach planting time in many key areas. Here’s Standard Grain’s Joe Vaclavik.
Vaclavik… “Wet conditions could cause some issues for corn planting in parts of the country. And there's a lot of farmers in the south, and, say, Kansas and Oklahoma. You go down into Missouri, you go into places like tennessee and Kentucky. It's going to be really wet here for another seven days and it's been wet. And these are areas of the country that would like to begin corn planting sometime soon. So do we have some, some things that remind us of 2019 here? Yeah, we do. Does it turn into that? Probably not, but,you never know. And we can start to keep an eye on the forecast here as it relates to 2020 crop potential. That, of course it's something we're going to begin doing more frequently here.”
Quick market update:
Chicago May Wheat futures down $0.09 ½ to $5.12 ½.
May Corn closed down $0.03 to $3.74 ½.
Live Cattle futures down $2.37 ½ on the April board to $103.07 ½. Feeder Cattle fell hard down $4.42 ½ to $123.52 ½.
Class III milk hanging in there. Down just $.02 to $15.83.