Morning Highlights


Highlights

  •  Rains in the Eastern Corn-Belt ranged from 0.5 to 1.0 inch. The next rain events are expected by Tuesday into Thursday with amounts ranging from 0.5 to 1.5 inches.
  • June crude oil continued its rally today, at 7:00 CDT June crude is up $0.54 per barrel trading at $17.04 a barrel.
  • May grain options expire noon today.
  • Outside markets as of 6:30 am CT: Dollar up 7 points at 100.443, the Dow was up 39.44 at 23,515.49 and gold was up $10.70 at $1,744.00.

 Corn

  • For the week July corn is 4 ¼ cents lower. Overnight it’s off 1 cent. Alack of follow through buying and strong planting progress have corn quietly trading lower.
  • The Ukraine is considering limiting corn exports for this year according to a Deputy Economy Minister.
  • Funds bought an estimated 4,000 contracts yesterday leaving them short an estimated 150,600 contracts.
  • South Korea’s Kocopia bought 55 tmt of corn at $178.82, it’s thought to be S.A. origin.
  • September corn on China’s Dalian exchange traded $.03 ¼ higher at 2,081 yuan per ton.

    Outlook: steady to 2 cents lower on planting progress.

     Oilseeds

  • For the week, July soybeans were 3 cents higher. Overnight soybeans are lower after closing higher for the past three sessions. July soybeans off 1¾ cents. Soybean oil was off $0.05 points, while soybean meal was up $0.70 a ton.
  • Brazil has had over 50,000 cases of Coronavirus with over 3,000 deaths.
  • Funds bought an estimated 5,000 contracts yesterday leaving them short an estimated 5,500 contracts.
  • Soybeans in China were up $0.09 ¼ a bushel, while soybean meal was up $2.00 a ton trading at 2,766 yuan per ton.
  • For the week, Malaysian palm oil was off 160 ringgits. Overnight it was off 44 ringgits at 2,075 ringgits overnight. Palm oil on the Dalian exchange was up 27 cents trading at 4,416 yuan per tonne.

 Outlook: steady to 2 cents lower on a lack of follow through buying.

 Wheat

  • The wheat complex traded quietly lower overnight down 1 to 3 cents.
  • Matiff wheat was off 1.63-euro trading at 197.62 euro/tonne. Agrimer estimates the French wheat crop at 58% G/E down 3% from the previous week’s 61%.
  • Kazakhstan is allowing 250 tmt of wheat and 150 tmt of flour for export in May.
  • Dry weather in the Ukraine remains an issue.
  • Argentina is expected to plant record amount of wheat this year, over 20 mmt according to the USDA.
  • Funds are estimated to be long 24,400 contracts.

 Outlook: 2 to 4 cents lower .