Afternoon Market Highlights
5/8/2020 2:24:18 PM
The grains were mixed with the row crops trading higher on renewed optimism over China buying US goods. China says they still plan to honor their Phase One trade agreement (buying increased amounts of ag products, including corn and soybeans). The market awaits next week’s USDA data.
- The USDA is scheduled to release their May monthly US and world balance tables on Tuesday at 11 AM CDT.
- The energy markets are mostly higher with June crude oil up 96 at 24.53 (23.26-24.99).
- The US$ is weaker, down 0.089 at 99.801, the gold market is down 20 bucks at 1706 and the CD$ is up 0.00275 at 0.7175.
- DJAI up 368 at 24244, S&P up 36 at 2915 and NASDAQ up 127 at 9107.
Corn prices were higher on hopes of more Chinese buying of US corn and cold temperatures moving into the US Midwest over the weekend. Saturday and Sunday are expected to see the coldest, with possible dips down to freezing temperatures.
- Closes: July at $3.19 ¾, up 1 ¾ cents, September ta $3.25, up 1 ¾ cents, December at $3.35 ½, up 1 ½ cents.
- Gulf premiums were mostly unchanged.
- Planting progress is expected to be 60-70% complete by Monday, with the average for this time near 56%.
- South Korea’s Feed group bought 138k tonnes of SA corn.
- 2019/20 ending stocks are expected to rise on possible reductions to feed and ethanol.
- Spreads: N/U 5 ½ carry, N/Z 15 ¾ carry, Z/H 13 ¼ carry, Z/N 25 ½ carry.
Soybean prices were higher on Chinese optimism and position squaring ahead of Tuesday’s USDA data.