6/24/20


Corn down 1, beans down 4, wheat down 5

Crude Oil- 38.01 down 2.36
 
US Dollar- 97.19 up 544

DOW- 25,445 down 710
                      
 
Here we are, the third Monday in a row! Beans closed the day down 4 with corn down a penny, wheat down 5. Weather models look damp for the next week to 10 days with showers coming in this weekend. The corn and beans will welcome the showers, most times when we get an inch or even half an inch of rain in late June nobody is going to turn it down. Brazilian currency was lower today and so that pressured the grains. The stock market nosedived today on talk of increased coronavirus cases. There’s more than enough in the way of politics to go around, we’re living in a time that you can’t blink without it being political. The Chinese were quiet today, and from what we know the Brazilian’s have sold everything they can until their new crop is harvested and so for now anyway the Chinse are having their hand forced and will likely have no other option than to buy US origin beans. There’s absolutely no news on any sort of momentum with the second phase of the trade deal, and if you look at Peter Navarro’s comments maybe we won’t! Who the heck knows. The stock market was down 700+ points today on news of increased coronavirus cases. Other countries are sending people home for a second time because of the increase of cases. I’m just going to say this; there are HUGE implications to just putting our heads in the sand, not working, expecting unemployment, etc. I mean who pays that bill at the end of the day?! We’re going to be lucky if states themselves don’t go bankrupt. Summer vacations generate A LOT of revenue for states, but vacations have been canceled because everyone is so scared to blink wrong. I just don’t see how we can allow for shutting the country down AGAIN. Why does this matter Ali? Why are you talking about this Ali? This doesn’t matter Ali! WRONG! If you think shutting down ethanol plants, slaughter houses, feed lots, processing facilities is going to do anything good for commodity prices alone not to mention your 401k you’re wrong. The new crop corn carryout number is MASSIVE! 3+ billion bushel. So yea, lets shut down ethanol plants let the corn pile up some more, lets shut down the processing facilities which in turn shuts down the feed lots, why on earth would anyone dump feed down an animal’s throat only to have nothing to do with them when they’re finished. SO, what happens then when there’s more corn on hand and less demand… what happens to the market?! IT GOES DOWN! Here’s my idea, lets cancel the presidential election until the coronavirus goes away. It’s only fair, I mean people are too concerned to go out and vote, we can’t trust the government to count the number of coronavirus and report them properly so why on earth would we then trust them to count mail-in ballots? I think we ought to cancel the election until the virus clears…. I’ll bet within 10 days there would be a MASSIVE decline in cases.
 
Have a good night everyone!
 
Ali
 
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