Morning Highlights


Highlights 

  • Outside markets as of 7:00 am CT: Dollar up 610 at 99.497, Crude Oil down $.47 at $19.64, Dow down 390 at 23490 and Gold down $16.60 at $1752.30. 

Corn

  • Valero Energy announced it is idling 8 of their ethanol plants temporarily and reducing production at the other 6 locations.
  • NASS reported North Dakota 83% harvested on corn, up 2 from last week.
  • Corn was 7 ½ cents/bu higher on China’s Dalian exchange overnight. 

Outlook: May corn made a new contract low overnight.

 

Oilseeds

  • The NOPA crush report for March will be released at 11:00am CT.  The average estimate is 175.16 mbu, which if realized would be a record for the month of March.
  • Nearby soybean futures on China’s Dalian exchange closed 79 cents/bu higher overnight.
  • Brazil’s Real currency is weaker this morning. 

Outlook: Quiet, but firm trade overnight, with a recovery in soymeal. 

Wheat

  • Egypt’s GASC bought 60tmt Russian wheat in their tender for each of the May 15-25th and May 26-June 5th shipment periods.
  • Romania has banned exports of cereal grains to non-EU areas through the middle of May.
  • Paris Milling Wheat futures gapped lower overnight and currently are trading about 8 cents/bu lower. 

Outlook: Increased chances of rain in the dry areas of Europe and Black Sea nations is adding pressure to wheat prices.