Morning Highlights


  • Outside markets as of 7:00 am CT: Dollar down 278 at 99.070, Crude Oil down $.70 at $21.71, Dow up 321 at 23630 and Gold up $.20 at $1761.60.
  • USDA may announce this week a $15.5 billion aid package to help insure the nation’s food supply chain from virus related disruptions.
  • China imported a record 919tmt of meat in March. 


  • Corn is estimated to be 3% planted compared to the 5-year average of 4% for this week.
  • Export inspections were 1.029mmt for last week, near the high end of estimates.  

Outlook: Open interest was up 16k contracts yesterday as prices traded both sides of unchanged.  Old crop held above recent lows while new crop made new ones.



  • China’s soybean imports in March were down 13% from a year ago, attributed partly to logistical delays out of Brazil.
  • 89% of Brazil’s soybeans have been harvested, according to AgRural.   123.8mmt is their current production estimate (USDA 124.5mmt).
  • Export inspections for soybeans were 442tmt, up 47% from the previous week, but still well below the pace needed to meet USDA’s projection.
  • Brazil’s Real currency is trading lower this morning. 

Outlook: Lower start to the day is expected. 


  • Winter Wheat is rated 62% Good/Excellent, unchanged from last week, 6% is headed compared to 7% on average.  34% of Kansas wheat is in the jointing stage; 49% in the SW and 22% in West Central districts where overnight low temperatures fell below 24 degrees for the 2nd day in a row.
  • Spring Wheat is 5% planted vs. 9% on average.
  • Egypt’s GASC issued a wheat tender for May 15-25th and May 26-June 5th shipment.   Russia has the lowest FOB offer and the U.S. does have one cargo of HRW offered.  Paris futures are slightly higher overnight.
  • USDA announced yesterday morning a sale of 120tmt HRW wheat to Unknown.60tmt for 2019/20 and 60tmt for 2020/21 crop years.
  • Export inspections of wheat were the highest in 6 weeks at 608.7tmt. 

Outlook: New crop KC wheat appears to be forming a double top just above the $5 level, unless prices can push through there soon.