Argentina Likely Soybean (& Grain) Tax Hike Rallies CBOT; Wheat Drops on Fund Length and Sinking Russian FOB Offers; Corn is Caught In Between

CBOT ag futures are mixed at midday. The US DOW recovered following its 2 day lashing on bargain hunting and the expectation that US President Trump will calm nerves regarding the spread of coronavirus in a speech this evening. The unknown for traders is whether coronavirus spread more broadly across the US thereby sparking a…

CBOT Bounces on Short Covering in Thinning Volume into March 1st Notice Day; China Asking Brazil to Delay Soybean Cargo Arrivals

CBOT ag futures are steady to slightly higher at midday on a short covering bounce. The US DOW is breaking on expansion of the coronavirus infections across the world with investors seeking safe harbor. The DOW was down over 400 points at midmorning, producing the largest 4-day correction since August. After rallying strongly since 2009,…

CBOT Falls Sharply on Coronavirus Global Spread Worry; Funds Sell 5-7,000 Contracts of wheat/soybeans/corn; Watch US Livestock For Hints of a Bottom

CBOT ag futures are sharply lower at midday with wheat and soybeans pacing the decline on the expanding coronavirus pandemic fears. CBOT wheat has fallen below its 50 & 100 day moving averages (and January lows) which has sparked wholesale fund liquidation. Funds are long a record amount of Chicago wheat and they are selling…