Grain Exchange 3-17-20
Happy St. Patrick’s Day! Did you know that the four leaves of the clover represent Hope, Faith, Love and Luck? Here’s to hoping we all find a little Luck of the Irish soon!
As the market volatility continues through the midst of COVID-19 pandemic, markets are steady to neutral as we start off the Tuesday morning after a tough Monday. Yesterday President Trump encouraged U.S. citizens to practice social distancing, while active cases of the Corona Virus outside of China surpassed 100,000 overnight. While the spread seems to be slowing in China, Italy, Spain, France, Germany and Iran have all reported at least 1,000 new cases. Exporters from Argentina are experiencing shipping delays at their ports because of confusion of COVID-19 mandated policies.
The livestock market has also been feeling the pain of the markets, as slaughter plants are trying their best to remain open. Staffing is a major concern as plants must keep enough employees on hand to complete the processes, inspections and administration activities that are necessary.
U.S. Treasury Secretary Mnuchin is working to pass a benefits package that would expand the paid family and sick leave for companies with less than 500 people to help combat the impact of the virus. Wisconsin has now followed suit by closing schools to help control the spread of the virus.
The 6-10 day forecast is showing below normal temperatures and widespread precipitation for the U.S. Argentina should see some rainfall today but will then be dry the rest of the week. Southern Brazil should also see some rain that will bring a little bit of relief to their second corn crop. Locally, we’re expecting to see a storm system move in across much of the area late this afternoon and into tonight.
Have a great day!