Grains are mixed in overnight trading:

Corn – 2 ¾ cents/bu (May @ 3.28)

Soybeans – 3 ¼ cents/bu (May @ 8.51)

Chi Wheat + 11 ¾ cents/bu (May @ 5.61)

Cdn $ unchanged  (70.705 cents)

WTI Crude Oil -0.87/barrel (27.47)

Outside markets are mixed this morning.  Equities around the world are higher, as the world views slowing death rates from Coronavirus in Italy, Spain, and New York City as positive signs in the global fight against the pandemic.  Dow futures are up 510 points @ 21,667.  Energy futures are slightly lower, as the world reacts to weekend news that OPEC postponed it’s production cut meeting from today (Monday) to later this week on Thursday.  Production cuts are expected, but whether they hit the levels promoted by President Trump last week remains to be seen.  OPEC members are said to be adamant that outside countries like the USA, Canada, Norway, Russia and others must agree to cuts, if OPEC members are to comply.

Of course, the market continues to look at declining ethanol production going forward, as demand for gasoline is not expected to rebound anytime soon.  That continues to have corn futures on the defensive, as the nearby contract month trades down to levels not seen since September 2016.  The trade fully expects the USDA to increase ending stock projections in it’s April Crop Report, due out this Thursday.

Wheat futures are independently strong this morning.  There is no confirmation yet today of any new export sales, but the strength so far today would suggest that there has likely been some business transacted.