Kirsten Rall updates the markets as of 2/24/2020 at 11 a.m.
Grains: Grain inspections came out Monday morning showing lower than expected estimates by traders for soybeans. Not a lot of movement coming out of China this week and that is pressuring the soybean contracts. Estimates hit the mark for corn inspections, wheat was higher than expected.
Futures are also reacting to the spread of the Coronavirus into the EU.
Trump’s tweet on Friday stating the USDA will give farmers assistants once again if needed, may incentivize US farmers to plant more acres according to RJO Futures. Currently, the USDA is projecting farmers will plant 94M acres of corn, 85M acres of soybeans and 45M of wheat.
The grain and oilseed continue to see futures in the red. The nearby soybean contract is down 15 cents.
Livestock: The livestock sector is taking losses at midday on Monday.
The price shift lower is largely due to the coronavirus hitting the EU over the weekend.
The Cattle on Feed Report released on Friday showed lower than expected cattle placements. This could be concerning for long-term supplies. Cattle on feed totaled 11.9 million head, up 2% from a year ago. Placements in feedlots went down a percent to total 1.96 million head.
Cattle futures hitting limit down at midday Monday.