4/29/2020 7:27:04 AM
- Dr. Anthony Fauci warned that the U.S. could be in for a bad fall and winter if we don’t successfully put into place the countermeasures needed to address coronavirus.
- Boxed beef values continue to make new record highs, with the afternoon report yesterday showing choice at $330.82, up $18.98 and select at $320.88 up $22.10 on 99 loads.
- Outside markets as of 7:00 AM Central: June crude oil at $14.23 up $1.89, gold at $1,712.60 up $2.00, US Dollar Index 99.797 down 0.068.
- First notice day is Thursday, April 30th for May grains.
- Corn traded higher overnight in a narrow range. There’s been little fresh news, and the front month contract seems content to hover above the $3.00 mark.
- May oats are currently at a premium to May corn.
- Taiwan’s MFIG purchased approximately 65,000 tonnes of corn from Brazil for shipment in late summer.
- Weekly ethanol production will be released later this morning.
Outlook: Unchanged to 2 higher.
- Soybeans were higher overnight in a narrow range, with the deferred contracts seeing larger gains than the front months.
- Chinese soybean futures were down 1 ½ and settled at 4,629 yuan per ton, soymeal was down 3.90 and settled at 2,723 yuan per ton, and soyoil was down 1 and settled at 5,364 yuan per ton.
Outlook: 1 to 3 higher.
- The wheat markets were lower across the board overnight, likely on improved weather conditions in both Europe and the Black Sea region.
- The CME Group will reset price limits on grains starting May 1st. The only changes were to the daily price limits for Chicago wheat and Kansas City wheat, which both saw an increase from $0.35 to $0.40 per bushel.
- Ethiopia is estimated to have received 9 offers in their tender for 400,000 tonnes of wheat. A purchase has not been reported at this time.
Outlook: Lower across the board.