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COMMODITY MARKET MOVEMENT ON CBOT – APR 02, 2020.

Admin - 03/04/2020

 

Weather : A corridor near the Mississippi River could see some additional rain and snow through Monday, per the latest 72-hour cumulative precipitation map from NOAA. Some areas could see 1” or more total accumulation through next Monday. NOAA’s latest 8-to-14-day outlook calls for mostly warmer, wetter weather from April 9 to 15.

 

General : Grain prices slumped again today, with wheat taking the biggest hit after a lackluster set of export data from USDA this morning triggered another round of technical selling that pushed prices lower for a fourth consecutive session. Corn and soybeans faced a more moderate decline today, as traders remain focused on larger-than-expected acres for both crops. Algeria purchased 1.6 million bushels of corn from optional origins (likely from the U.S.) in an international tender that closed yesterday. The grain is for shipment between late April and early May.

 

SOYBEAN

 

Bean oil futures closed 19 points higher. Soybean bookings were 957,417 MT for the week ending March 26. That was below last year’s 1.972 MMT sales from the same week. There were also 113,997 MT of new crop soybean sales that week. China was responsible for 7.7% of the week’s sales, but none of the week’s 468,374 MT of shipments were to China. MYTD soybean exports totaled 31.760 MMT through week 30, China has been the destination for 38.2% of the total to date. Soymeal sales were 125,158 MT, which is 35.2% below the same week last year. From the same report, bean oil sales were higher than estimates @ 66,967 MT. That is a MY high, and the most for a week since May 2016.

 

CORN

 

The front months May and July futures ended lower, while Sept and Dec futures were higher. Corn export bookings from the week ending March 26 totaled 1.075 MMT. The net sales were down from last week (which was the second highest for the MY) but were 73.9% higher yr/yr. MYTD exports through week 30 was up to 720.7 mbu. Corn exports in February were 154.17 mbu, which was the second largest Feb corn exports since Feb ’08. February corn exports were 57% above January exports and 8.3% higher yr/yr. MY exports through February total 619.06 mbu which was 45% lower yr/yr. DDGS exports from Feb totaled 852,904 MT which was 24.4% higher yr/yr.

 

WHEAT

 

May SRW wheat closed 8 1/2 cents lower. MPLS May futures were down by 5 1/2 cents at the close. Wheat export bookings from the week ending March 26 were just 10.34% of bookings from the same week last year and below estimates. MY week 43 wheat sales were only 2.679 mbu. The week’s shipments were also low (3rd lowest on the MY) as only 10.05 mbu were shipped. The accumulated wheat exports are still ahead of last year, the 726.6 mbu is 8.6% above last year’s pace and 72.7% of the March WASDE forecast.

 

PRICE MOVEMENT ON CBOT APR 02


 
 

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