Good morning. Grain prices are mostly lower as the market remains solely focused on the virus in China and its potential impact on commodity demand. No demand has been lost today but the fear of it keeps the sellers in control. Soybeans closed lower for the fifth straight yesterday but did recover late in the session. Crude oil and equities were sharply lower yesterday, but both are showing a little green this morning. The death toll in China is now at 106 with more restrictions being placed daily. There is still just a small amount of confirmed cases outside of China. The Argentina weather forecast is now trending back to the drier side today with the important part of the bean growing season still to come. The extended Midwest forecast is cooler. It has been a fairly mild winter, temperature-wise, so it makes sense if February would turn colder to help the average. Malaysian palm oil was down sharply overnight which will weigh on bean oil this morning. Virus concerns are weighing on palm oil, but apparently the Malaysian ports are stocked with palm oil due to India deciding to not buy palm oil from them. India has turned to Indonesia to buy palm oil. Malaysia and Indonesia are said to produce 85% of the world’s palm oil. Other news remains quiet. The producer has little to no interest on selling grain right now. The outside markets would suggest a calmer day today, but bounces are going to be limited until a friendly round of news surfaces. Have a good day.
7-day expected precip:
6-10 DAY FORECAST (TEMP/PRECIP)
Have a good & safe day!
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