4/20/2020 7:42:26 AM
- The USDA announced a $19 billion coronavirus aid package for farmers. $16 billion in farm aid for dairy, livestock, and vegetable growers, $3 billion in food aid.
- May crude oil plummeted to a new twenty-year contract low this morning trading at $11.04 per barrel.
- May grain options expire this week on April 24th.
- The 6-10-day outlook has above normal precipitation for most of the Corn-Belt and temperatures above normal in the Northern Corn-Belt, normal temperatures for the remaining Corn-Belt.
- Outside markets as of 6:00 am CT: Dollar up 114 points at 99.896, crude oil down $7.02 at $11.04, Dow up 704.81 at 24242.49 and Gold down $2.70 at $1,685.50.
Outlook: Steady to 2 cents lower.
- Wheat was higher overnight as Matiff wheat was up 5.75-euro trading at 204.25 euro/tonne. May Matiff wheat climbed to a new 20 year high.
- Matiff wheat surged after crop conditions deteriorated to 61% for the week of April 13th, the worst in nine years.
- Dryer weather conditions took the Russian wheat crop down to 77.2 mmt according to IKAR.
- India’s wheat harvest is reported 67% harvested.
Outlook: 10 to 12 cents higher on higher Matiff wheat prices and adverse weather.