4/24/2020 7:38:28 AM
- The 6 to 10-day forecast calls for precipitation for much of the Corn-Belt ranging from 0.3 to 0.8 inch by Monday into Tuesday. Despite cool temperatures famers are planting.
- June crude oil rallied this morning. At 7:15 CDT June crude is up $2.47 per barrel. Trading at $16.31 a barrel.
- May grain options expire tomorrow.
- Outside markets as of 7:00 am CT: Dollar up 115 points at 100.503, the Dow was up 456.94 at 23,475.49 and gold was up $6.90 at $1,735.60.
Outlook: 8 to 10 cents higher on China buying.
- The wheat complex traded quietly lower overnight down 1 to 3 cents.
- Matiff wheat was off 1.0-euro trading at 202.75 euro/tonne.
- Export sales for wheat were 244.7 tmt, 155.2 tmt for 20/21 marketing year.
- Year to date wheat imports into China are up 107.6% according to the General Admin. of Customs.
- Taiwan bought 220 tmt of wheat from the US.
- Saudi Arabia’s SAGO is tendering for 655 tmt of wheat.
- Funds sold an estimated 3,000 contracts of wheat yesterday leaving them long 24,400 contracts.
Outlook: 2 to 4 cents higher on better demand for wheat.