2/13/2020:   Corn and wheat boards all down 3-5 cents here this morning, largest daily spike of coronavirus cases had equity markets breaking hard early, ag appeared to be following.  60,000 confirmed cases and 1,367 deaths as of this morning, markets starting to feel like China doesn’t have a handle on actual numbers, and the epidemic is more severe then reports have indicated.  USDA report earlier this week was a nonevent, little changes were made to US or global balance sheets, and with no new reasons to keep pushing prices, fund length began to sell off.  While it was a neutral report for wheat, US carryout was lowered roughly 25 mbu, as the market anticipated.  Corn numbers were even quieter, US carryout left essentially unchanged at roughly 1.9 billion.  Lower exports were offset by higher ethanol usage.  South American production was left unchanged too.  We are right around the corner from planting season.  Expect increased acres of corn and DNS this year, the increase in corn acres estimating a normal growing season and yield will make balance tables bearish.  Weekly exports of wheat were good at 643K MT, high end of expectations.  294K HRW, 197K HRS and, 132K SWW for the classes we care about.  Corn exports were 968K MT, in line with expectations, major buyers were Japan, South Korea and Columbia.  Bean exports on the low end of outlooks at 645K MT, China and Egypt the major buyers.  

MARKET UPDATES AND GRAIN INFORMATION now also available via Washington Grain Commission Podcast here