Morning Highlights with Export Sales


Highlights

  • Outside markets as of 7:00 AM Central: June crude oil at $17.39 up $2.33; gold at $1,719.30 up $15.90; US Dollar Index at 99.419 down 0.146; Brazilian Real at 5.3300 down 0.0048; DJIA futures at 24,419 down 149 points.
  • Jobless claims for the week ending April 25th were 3.84 million, which brings the 6-week total to 30.3 million.
  • President Trump said that the federal government will not extend its social distancing guidelines after they expire today.

Corn

  • It was another quiet, narrow trading overnight session for corn. The market traded both sides as it waited for export sales this morning.
  • The FDA has become stricter on the use of ethanol in hand sanitizer and has notified several companies that their ethanol does not meet the standard needed to produce hand sanitizer.
  • APK lowered its Ukrainian corn crop forecast from 36 million tonnes to 35.1 million tonnes.
  • Weekly export sales were 1,356,700 tonnes, which was above estimates of 700,000 to 1,200,000 tonnes.
  • There were 223 deliveries of corn.

Outlook: Mixed to start.

Oilseeds

  • Soybeans were higher overnight, drawing on optimism that there could be some inkling of demand coming from China as the U.S. continues to make reassurances that the U.S.-China trade deal will still be fulfilled. 
  • Weekly export sales for soybeans were 1,078,300 tonnes, which was within estimates of 700,000 to 1,200,000 tonnes; soymeal sales were 163,600 tonnes, which was near the middle of estimates of 100,000 to 250,000 tonnes; soyoil sales were 29,800 tonnes, which was near the upper end of estimates of estimates of 8,000 to 30,000 tonnes.
  • Chinese soybean futures were down 1 ½ and settled at 4,565 yuan per ton, soymeal was down 3.90 and settled at 2,725 yuan per ton, and soyoil was down 1 and settled at 5,388 yuan per ton.
  • There were 22 deliveries of soymeal, 1,466 deliveries of soyoil, and 0 deliveries of soybeans.

Outlook: 5 to 7 cents higher.

Wheat

  • Wheat markets were mostly lower overnight, as the weather in Europe and the Black Sea remains favorable.
  • APK lowered its forecast for the Ukrainian 2020 wheat crop from 26.7 million tonnes to 24.5 million tonnes.
  • Weekly export sales were 467,400 tonnes, which was above estimates of 100,000 to 300,000 tonnes.
  • There were 238 deliveries of Minneapolis wheat, 9 deliveries of Kansas City wheat, and 0 deliveries of Chicago wheat.

Outlook: Lower across the board.