The corn and soybean markets were hit hard by fund liquidation on Monday and the volatile stock market had a lot of traders going to the sidelines. So far today the U.S. stock market is higher following gains in Europe.
At this time in grain markets, corn futures are 2¢ lower, soybean futures are 2¢ to 5¢ lower and wheat futures are mixed – mostly lower.
I am not a crop insurance agent, but with the large sell-off in corn and soybeans since the end of February and the current economic uncertainty, it may be time to up your coverage.
Around the world in the stock market, the stock market in China is down 0.7% and in Japan the stock market is down 2.2%. European stocks are up 0.2%.
The weather in Argentina remains dry and private crop projections continue to move lower. Dr. Michael Cordonnier dropped the size of the Argentine corn and soybean crops by another 3 million metric tons each as the hot dry weather continues.
In the outside U.S. markets this morning with the Dow futures up 317 points. Crude oil is down $1.30 per barrel while RBOB gasoline futures and diesel futures are down 1¢ to 2¢ per gallon.
Livestock futures are lower this morning. April hogs are down 92¢, April live cattle are down 35¢, and April feeder cattle are 47¢ lower.
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