4/22/2020 7:28:50 AM
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 $0.19 per barrel. Trading at $11.76 a barrel.
- May grain options expire this week on April 24th.
- Outside markets as of 7:00 am CT: Dollar down 235 points at 100.023, crude oil was up $.24 at $11.81, the Dow was off 631.56 at 23,018.49 and gold was up $20.40 at $1,698.60.
Outlook: 6 to 8 cents higher on stronger products.
- 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.
- China is expecting a bumper wheat crop telling local officials to expand storage capacity and store as much of this crop as possible.
- Japan received no offers for its feed wheat tender of 80 tmt or its 100 tmt tender for barley.
- Argentina is expected to sow 16.5 million acres of wheat for 20/21 crop year, up 1.5% according to the Buenos Aires Exchange.
- Funds remain long an estimated 27,400 contracts.
Outlook: steady to 2 cents lower following Matiff wheat lower.