Grains are lower in overnight trading:

Corn – ½ cent/bu (May @ 3.67 ¾ )

Soybeans – 8  cents/bu (Mar @ 8.87 )

Chi Wheat – 5 cents/bu (Mar @ 5.22 ½ )

Cdn $ -0.00490 (74.325 cents)

WTI Crude Oil -1.36/barrel (45.73)

The market pain continues for equities and commodities this morning, as investors rush for the exits, fearing more bad news from global developments involving the Coronavirus.  More than 83,000 cases have now been reported around the globe, with over 2850 deaths attributed to the virus.  Mainland China has reported 78,824 cases, with 2,788 deaths.  Other countries reporting fatalities are Iran (26), Italy (17), South Korea (13), Japan (9), Hong Kong (2), France (2), Taiwan (1), and the Philippines (1).   USA total reported infections climbed to 60 overnight.  The unbridled spread of the virus is causing panic selling across all markets, with USA equities posting their highest single day loss in history yesterday (in terms of absolute values, not in percentage terms).

Grain news remains quiet, but what is being offered is not friendly.  Yesterday’s USDA Weekly Export Sales data showed poor sales for all 3 grains.  Overnight, Brazil got good rains in the north, and Argentine forecasts have turned decidedly wetter today, minimizing the size of the region that was starting to become concerned over dryness.  The Buenos Aries Grain Exchange yesterday increased their Argentine soy production estimates by 1.4 million tonnes and increased their corn estimate by 1 million tonnes.