COMMODITY MARKET MOVEMENT ON CBOT – APR 06, 2020.
Weather : Between Tuesday and Friday, much of the eastern Corn Belt will see another 0.5” to 1” of rainfall, with the western Corn Belt and Plains likely to be much drier, according to the latest 72-hour cumulative precipitation map from NOAA. Further out, expect a sharp drop in temperatures between April 13 and 19, with mostly wetter-than-normal conditions likely during this time, per the agency’s 8-to-14-day outlook.
General : Grain markets were mixed but mostly higher to start the week. Strong demand fundamentals had wheat up again Monday, although about half of the overnight gains captured were trimmed during today’s session. Soybeans also moved modestly higher, but embattled corn prices lost nearly 1% today as traders continue to worry about the potential for historically high acres this spring amid a severe downturn in ethanol demand. Syria issued an international tender to purchase 50,000 metric tons of soymeal that closes May 12. Delivery is sought four months from the purchase date.
May bean oil futures closed 40 points higher. The USDA’s Export Inspections report showed 10.9 mbu of beans were exported for the week ending April 02. That is down 28% wk/wk and is 66.5% below the same week last year. Accumulated shipments are still above last year’s pace as 1.172 bbu of beans have been shipped on the MY, compared to 1.109 bbu at this time last year. Of the week’s shipments, 108,751 MT (or 36.5% of the total) were to Egypt.
Exports from the week ending April 2 were 1.271 MMT, or 50.1 mbu. That is 19.7% above corn exports from the same week a year ago. Accumulated exports are up to 761 mbu, which is 37% behind last year’s pace. Accumulated exports have been gaining on last year at an average weekly rate of 1.3 percentage points per week since the first of January. Japan was the top destination for the week’s corn exports, with 375,858 MT (29.5% of the total), Mexico was the destination for 323,854 MT.
SRW wheat futures closed with 5 3/4 to 6 1/2 cent gains. KC HRW wheat futures were 3 1/4 to 3 3/4 cents higher. MPLS wheat futures closed 2 1/4 to 2 1/2 cents higher. Winter wheat condition ratings from the Crop Progress report were 360 on the Brugler500 Index, down 1 point yr/yr. Oregon wheat ratings were the highest on the Brugler500, with a 423. Wheat exports from the week ending April 02 were 320,371 MT. That was down 64,837 MT from last week and was 42.4% below the same week last year.
PRICE MOVEMENT ON CBOT APR 06
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