2/4/2020Good morning. Turnaround Tuesday? Grain markets are higher this morning, boosted by support from outside markets. World equity markets are higher as are energy markets after China declared all-out war on the coronavirus and its central bank injected another $40 billion into its economy in an effort to shore up confidence. After the market closed yesterday, the monthly fats and oils reports and grain crushings reports were released. The December soybean crush was 185 million bu., or 1 million bu. more than December 2018. This was a record high crush for the month of December.  Corn used for fuel alcohol in December was 479 million bu. compared to 462 million bu. a year ago. The USDA said yesterday that farmers will receive their final market facilitation payments beginning the end of this week. Commodity funds yesterday sold corn and wheat and bought soybeans. They are now estimated to be short 55,000 corn and 66,000 soybean contracts and long 42,000 contracts of Chicago wheat.  The Brazilian soybean harvest is still progressing at a slower than normal pace as frequent rains have been common the past 3 weeks. South American soybean offers remain well below those from either the Gulf or PNW. Soybeans ended their consecutive streak of lower closes yesterday after it had reached 9 straight. Markets are due for a rebound and outside markets look friendly today. Expect grains and soybeans to hold onto gains as we move through today’s trade. Have a good Tuesday.