Morning Highlights


Highlights

 

  • 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.

 Corn

  • May corn put in a new ten-year low overnight at $3.08 ¾.Corn traded lower down 4 ½ cents following May crude oil collapsed to a record -$40.32 barrel yesterday. It rebounded to -$4.00 a barrel.
  • Planting progress in corn for the week April 19th was 7%, that’s 4% behind the five -year average and 2% behind last year.
  • South Korea’s Nonghyup Feed bought 206 tmt corn with an optional origin for $172.70 & $173.45 for September delivery.
  • Export inspections for corn were disappointing at 683.854 tmt. The expected range was 850 tmt to 1.3 mmt.
  • September corn on China’s Dalian exchange settled $0.02 ½ trading 2,070 yuan per ton.

    Outlook: 2 to 4 cents lower following crude oil and technical weakness.

     

    Oilseeds

  • Soybeans were lower overnight taking out support at $8.26 and going through the old low of $8.21. Soybean oil was off $0.25 points, while soybean meal was up $0.30 a ton.
  • Soybean planting progress was at 2%, that’s 1% above the five-year average.
  • Soybean export inspections were slightly better than last week and better than last year at 539.8 tmt. The expected range was 300 to 550 tmt. However, for the year still only a million metric tonnes, below the USDA target.
  • Soybeans in China were off $0.14 ¼ a bushel, while soybean meal was down 3.40 a ton trading at 2,741 yuan per ton.
  • Malaysian palm oil traded down to 2025 before closing at 2,064 ringgits overnight down 168 ringgits. Palm oil stocks were 4.08 million tonnes in February.

 Outlook: 8 to 10 cents lower.

 

Wheat

  • 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.