A weaker day in the grains on weakness in energy and equity markets. Prices garnered pressure from lack of fresh supportive news. Fears are cropping up over President Trump’s criticism about China’s handling/reporting/supplying information about the CoronaVirus and talk of more tariffs on Chinese goods. Thoughts are that we will lose ground with China as a trading partner.
- StatsCan Acreage and stocks report to be released tomorrow morning.
- The USDA May S&D report is scheduled for Tuesday, May 12 at 11 AM CDT.
- Meat processing plants running at less than full capacity raises concerns of meat shortages in the US.
- The energy markets seeing choppy trade with the June crude oil down 41 cents at 24.15/barrel (22.58-26.08).
- The US$ is stronger, up 374 at 100.086, the gold market is weaker, down 20 bucks at 1690/ounce and the CD$ is down 0.0049 at 0.70815.
- DJIA down 24 at 23858, S&P up 1-2 at 2859 and NASDAQ up 103 at 8912.
Drifted lower on spillover weakness in the crude oil market and planting progress. Underlying support stems from optimism over talk that the ethanol industry might soon come back online. Prices drew additional pressure from fear of loss of demand for corn used for feed.
Closes: July at $3.14, down 3 cents, September at $3.20 ½, down 2 ¾ cents, December at $3.31, down 3 ¼ cents.
- CIF premiums mostly steady for M/J.
- Weekly ethanol production increased 61k bpd to 598k barrels per day.Stocks declined to 25.6 million barrels (a welcomed drop from the recent record high levels).
- Weekly export sales estimates at 700 tmt-1.5 mmt.
- Spreads: N/U 6 carry, N/Z 17 carry, Z/H 13 ¼ carry, Z/N 26 ½ carry.