Good Morning! Grains, oilseeds and equity markets tumbling in overnight trade as China announced a sharp increase in the number of people affected in an outbreak of a potentially deadly virus. The improved weather outlook for Argentina is also a bearish factor. The major futures stock indexes are indicating a decline of at least 1.5 percent, with the Dow pointing to a drop of at least 400 points. Oil is also under pressure with U.S. crude giving up 3 percent to $52.30 per barrel. China announced it was extending its week-long public holiday by an extra three days as a precaution against having the virus spread still further. On Sunday, the National Health Commission said 80 people had died out of 2,744 cases that were confirmed. The U.S. has five confirmed cases of the new virus from China, all among people who traveled to the city at the center of the outbreak, health officials said Sunday. The weather models are wetter for Argentina than advertised last Friday. The EU model is now calling for .5 to 2.0” rains this week. Rain chances are also present for next week with no sign of any lasting heat. Mato Grosso soybean harvest estimated to be 14.4% complete as of last Friday. Friday’s COT report showed that funds are net long 41,671 of Chicago wheat, up 11,884 contracts and 101,259 contracts of soyoil, down 11,652 contracts. Managed money is short 13,735 contracts of soybeans, up 20,025 contacts and 67,804 contracts of corn, down 10,638 contracts and 36,696 contracts of meal, up 4,976 contracts. News wire reporting the U.S wants India to buy at least another $5-6 billion worth of American farm goods if New Delhi wants to win reinstatement of a key U.S. trade concession and seal a wider pact. President Trump cited trade barriers last year when removing India from its GSP program that allowed zero tariffs on $5.6 billion of exports to the U.S. President Trump is scheduled to visit New Delhi next month. Have a great day! Wayne Kollis - Melissa Peters - Mike Rosenberg - Matt Zeman - Austin Behrendsen
Tue 1/28
Wed 1/29
Thu 1/30
Fri 1/31
Sat 2/01
High
26 F
28 F
31 F
36 F
Low
13 F
17 F
21 F
24 F
Precip
78%
20%
0%
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