4/14/2020 6:06:55 AM
- 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.