Wheat is leading the charge higher this morning, up 7 cent/bu in Minneapolis, up 15 cents/bu in KC, and up 12 cents/bu in Chicago following sharp gains in French wheat futures. Strong nearby demand from consumer stockpiling of food products and the fear of logistical disruptions due to the ongoing COVID-19 pandemic are driving the rally. Supply chains are being stretched as pasta plants, flour mills, and export terminals are running at full capacity in the EU. The fear of potential port closures due to quarantine is supporting export values.
Corn is trading 2 cents/bu lower as the market continues to reel from the loss of profitability of the ethanol sector. Soybeans are up 10 cents/bu in old crop and up 7 cents/bu in new crop, supported by potential China demand amid the threat of port closures in SA.