3/16/2020 7:10:24 AM
- The Federal Reserve drops interest rates in lite of the current situation and hopes of creating some sense of calmness across the country.
- The energy markets are weaker with crude oil down 2.48 at $29.24/barrel.
- The US$ is down 882 at 97.86, the gold market is down 55 bucks at$1,461/ounce and CD$ is up a hair at 0.7185.
- Wall Street is expected to see sharp looses despite rate cut by the Federal Reserve.
- NOPA soybean crush for February is scheduled for release today around 11 AM CDT.
- Corn prices traded lower overnight on weakness in outside markets, despite recent demand.
- Brazil’s 2nd corn crop suffers from dryness in central and southcentral areas.
- South Korea bought 132k tonnes of corn for July/Aug at $203.40 & $200.40 per tonnes respectively (with an additional port unload charge of $1.25/tonne). Another feed group of South Korea bought 52k tonnes of corn at $202.90/tonne for August.
- Spreads: K/N 2 ¾ carry, N/U ½ inverse, N/Z 5 carry, Z/N1 16 ¾ carry.
Outlook: Lower trade on outside influences
- Soybean prices fall on current virus and economic situation.
- Brazil’s weather looks to be a bit drier, allowing bean harvest to continue. Brazil’s harvest was last estimated just shy of 63% complete.
- Palm oil closed lower on slowing demand. The June contract closed down 50 ringgit at 2,220 ringgit.
- China bean prices were sharply higher , up 41 ½ cents, meal prices were up 1.90 and oil prices were up 31 points.
- NOPA Crush for February is estimated at 164.959 million bushels (below January but above last February). Soyoil stocks are expected to be near 2.037 billion pounds.
- Spreads: K/N 7 ¾ carry, N/Q 3 ¾ carry, N/X 10 carry, Q/X 6 ¼ carry, X/F 4 carry.
Outlook: Lower trade on SA harvest and economic uncertainty
- Wheat prices slump on continued fears from the spread of the CoronaVirus and the fate of the global economy.
- Jordan tenders for 120k tonnes of optional origin hard milling wheat. Possible shipment periods are thought to be April/ Sept/ Oct.
- The EU soft wheat production is estimated at 136.5 mmt compared to 137.9 mmt previously and 145.7 mmt last year.The reduction stems from reduced seedings from too much rain.
- Spreads: Mpls K/N 7 ¾ carry, Kansas City K/N 7 carry, Chicago K/N 2 carry.
Outlook: Lower trade on outside markets, despite weakness in the US$