Morning Highlights

There were 121 more deaths reported overnight bring the total to 1,380 people that have passed away due to the coronavirus with 5,090 new cases to total 63,851 cases confirmed. China is selling corn and pork from its reserves to the Hubei province to help support the folks at the epicenter of the coronavirus. 
Equity markets across the globe are mixed overnight as investors try to figure out just how severe and how long the coronavirus outbreak will last. 
Crude oil prices are looking to finish higher for the week as the market expects the economic impact on the world by the coronavirus will be short lived and China will stimulate their economy to keeps things normal.    
Grain, livestock and dairy markets will be closed next Monday for President’s Day but have a normal open Monday night. 
As of 7:20 am CT: US Dow futures are up 33, WTI crude oil is down $0.73 per barrel and USD is up 0.037 to 98.995. 

Corn is around unchanged overnight, fitting for the quiet week of trade for the market. 
Farmer selling has slowed with futures towards the low end of the most recent price range, even though basis levels are firm. 
Spreads have widened a couple cents since Wednesday, with the March-May spread having reached a 3 ½ cent carry on Wednesday now sitting at a 5 cent carry. 
Spreads have narrowed slightly this morning: H/K 4 ¼ carry, H/N 7 ½ carry, H/Z 10 ¾ carry.

Outlook:  Quiet market to finish the week off, not expecting much change out of the market today.

Soybeans are slightly higher overnight, continuing to trend higher.  
China’s National Grain and Oils Information Center says soybean imports may fall to 4.8 MMT for February, lowest number in a year, on expectations of weak livestock demand as hog slaughter was large prior to the Lunar New Year. 
The Chinese have said they remain committed to the Phase 1 trade deal agreement as it goes into effect this weekend, but some US officials have questioned that as the coronavirus continues to spread throughout their country. 
Dalian soybeans were 19 cents lower; soymeal was $0.10/ton higher and corn was down 2 ¼ cents. Malaysian palm oil futures were up 34 ringgits to 2,660 ringgits but down 153 ringgits for the week.
Spreads are narrower this morning: H/K 9 ¼ carry, H/N 21 ¼ carry, H/X 27 carry, N/X 5 ¾ carry.

Outlook: Firmer market as the trend is higher.

Wheat is higher across the board. Matif wheat is higher as well. 
France’s soft wheat crop is coming out of dormancy in the worst condition in FranceAgriMer’s dataset going to back to 2013. 65% of the crop is rated good or excellent as heavy rains in the fall have hindered the crop. 
Black Sea wheat futures have weakened and pressured the global prices of wheat as global business as slowed down.     
Spreads are mixed this morning: Mpls H/K 9 ½ carry, Kansas City H/K 7 carry, Chicago H/K ¼ cent inverse.  

Outlook: Slightly better market after being lower for the week up to this point.