4/24/2020 7:47:10 AM
- 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.
Outlook: steady to 2 cents lower on a lack of follow through buying.
- 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 .