Morning Comments; Wednesday, April 24th, 2019

Corn is steady, while soybeans are steady to higher on the overnight trade.

African swine fever continues to spread to other countries including South Africa, where the disease was found last week outside of their controlled zone. New cases of the virus were reported in China, this means the disease has now spread to every province in China. Officials in China are claiming nearly 200 million hogs could be lost to the highly contagious disease. According to China’s Agriculture Ministry, 80 percent of the farms are deciding not to replenish their hog supply. Since pork consumption accounts for 60 percent of the meat consumed in China, this could continue to create more demand for pork.

The latest CFTC report showed corn specs are the big sellers again with a fund position that is a record short if nearly 350,000 contracts. With the limited positive news in the markets, there is little incentive to cover these shorts in the market at this point.

Market Movers: Trade talks with China, Weather forecasts, and Fund activity

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