4/21/2020 7:26:15 AM
- Cool, wet weather in the Delta and Southern Midwest will slow planting. In the upper Midwest light showers and cooler temps will also slow field work. The 6 to 10 day forecast calls for 1/4 inch to an inch of precipitation for much of the Corn-Belt.
- May crude oil did something I’ve never seen in commodities futures before. It traded into negative value. May crude oil traded at -$40.32 per barrel.
- May grain options expire this week on April 24th.
- Outside markets as of 6:00 am CT: Dollar up 114 points at 99.896, crude oil down $7.02 at $11.04, Dow up 704.81 at 24242.49 and Gold down $2.70 at $1,685.50.
Outlook: 8 to 10 cents lower.
- Mpls. spring wheat was nominally lower overnight, while KC wheat and Chicago wheat were closer to unchanged. Matiff wheat was up .25-euro trading at 204.00 euro/tonne.
- Wheat inspections were 469.922 tmt. The range was 400 tmt to 700 tmt.
- Jordan passed on its tender for 120 tmt of wheat. Kyrgyzstan bought 33 tmt of Russian wheat and Japan is tendering for 115.06 tmt of food wheat from its usual sources.
- Winter wheat rating deteriorated 5% to 57% good/excellent. 57% G/E is still 5% above the five-year average. Winter wheat heading is at 14% which is 1% behind the five- year average. Spring wheat planting came in at 7% which is 11% behind the five-year average and 3% ahead of last year.
- India’s wheat harvest is reported 67% harvested.
Outlook: steady to 2 cents lower following corn and soybeans.