Morning Highlights with Export Sales


Highlights

  •  The 6 to 10-day forecast calls for precipitation for much of the Corn-Belt ranging from 0.3 to 0.8 inch by Monday into Tuesday. Despite cool temperatures famers are planting.
  • June crude oil rallied this morning. At 7:15 CDT June crude is up $2.47 per barrel. Trading at $16.31 a barrel.
  • May grain options expire tomorrow.
  • Outside markets as of 7:00 am CT: Dollar up 115 points at 100.503, the Dow was up 456.94 at 23,475.49 and gold was up $6.90 at $1,735.60.

 Corn

  • May corn rallied for a second day in a row. Overnight was up 3 cents. China plans to buy 20 mmt of corn for its state reserves.
  • Export sales for corn were 726.7 tmt, that’s in the range of 600 tmt to 1.0 mmt.
  • Funds bought an estimated 15,000 contracts yesterday putting them short an estimated 154,600 contracts.
  • According to UkrAgroConsult Ukrainian corn stocks are down24.1% year on year.
  • September corn on China’s Dalian exchange traded $0.02 ½ higher at 2,072 yuan per ton. Corn imports into China have risen 27.3% year to date.

    Outlook: 2 to 4 cents higher on China buying corn for reserves.

    Oilseeds

  • Soybeans were higher overnight on China buying soybeans for reserve. Soybeans up 9 ¼ cents. Soybean oil was up $0.48 points, while soybean meal was up $2.20 a ton.
  • Export sales for soybeans were 344.9 tmt, that’s below the range of 350 tmt to 1.0 mmt. For soybean meal 102.9 tmt with the range attmt and soybean oil was 21.4 tmt.
  • China is planning on buying 10 mmt of soybeans for it state reserves according to government sources. China bought 198 tmt of soybeans from the US yesterday for the 19/20 marketing year.
  • Funds bought an estimated 2,000 contracts yesterday leaving them short an estimated 10,500 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.
  • Malaysian palm oil traded up 44 ringgits at 2,119 ringgits overnight. Palm oil on the Dalian exchange was up 15 cents trading at 4,458 yuan per tonne.

 Outlook: 8 to 10 cents higher on China buying.

 Wheat

  • The wheat complex traded quietly lower overnight down 1 to 3 cents.
  • Matiff wheat was off 1.0-euro trading at 202.75 euro/tonne.
  • Export sales for wheat were 244.7 tmt, 155.2 tmt for 20/21 marketing year.
  • Year to date wheat imports into China are up 107.6% according to the General Admin. of Customs.
  • Taiwan bought 220 tmt of wheat from the US.
  • Saudi Arabia’s SAGO is tendering for 655 tmt of wheat.
  • Funds sold an estimated 3,000 contracts of wheat yesterday leaving them long 24,400 contracts.

 Outlook: 2 to 4 cents higher on better demand for wheat.