5/1/2020 7:21:39 AM
- President Trump said yesterday afternoon that the U.S.-China trade deal would now be of secondary importance to coronavirus and has threatened new tariffs on China.
- The JBS beef plant in Greeley, CO has reportedly had a surge in coronavirus cases after the plant reopened last week.
- Outside markets as of 7:00 AM Central: June crude oil at $19.79 up $0.95, gold at $1,678 down $6.20, US Dollar Index 98.962 down 0.054, Dow futures at 23,751 down 479 points.
- The CFTC Commitment of Traders report will be released today at 2:30 PM Central.
- Last trading day for May grains is May 14th.
- Corn was lower overnight, as weather continues to be favorable to planting. Additional pressure is likely related to concerns that there could be new tariffs put in place between the U.S. and China, escalating tensions.
- There were 221 deliveries.
Outlook: 2 to 4 cents lower.
- Soybeans were lower overnight after strong gains yesterday. Weakness is likely tied to concerns that there will be new tariffs between the U.S. and China following in the wake of coronavirus.
- Rumors were swirling about Chinese interest in U.S. soybeans yesterday, so look to see if there’s any confirmation with a flash sale at 8:00 AM.
- The Buenos Aires Grain Exchange reported that the Argentine soybean harvest if 68.2% completed.
- There were 22 deliveries of soymeal, 1,032 deliveries of soyoil, and no soybean deliveries.
Outlook: 4 to 6 cents lower.
- The wheat markets were mostly lower overnight, the glaring exception this morning being the May Minneapolis wheat contract now that we’re in the delivery cycle.
- There were 9 deliveries of Kansas City wheat, 271 deliveries of Minneapolis wheat, and 0 deliveries of Chicago wheat.
Outlook: Lower across the board.