COMMODITY MARKET MOVEMENT ON CBOT – APR 07, 2020.
General : Tuesday brought another round of mixed results to the grain markets. Corn was the lone bright spot, with prices up more than 1% on a round of bargain buying and short-covering after eroding for the past eight straight sessions. Soybeans finished with minor losses, meantime, while wheat prices suffered a moderate setback on a round of technical selling after USDA reported better-than-expected crop quality ratings late yesterday afternoon. Taiwan issued an international tender to purchase 2.6 million bushels of corn from the U.S., Brazil, Argentina or South Africa in an international tender that closes Wednesday. The grain is for shipment in June or July, depending on origin.
May meal futures closed another $2.30/ton lower. Soy oil futures held on to 65 point gains in the May contracts. The national average soybean basis from cmdtyView is 44.46 cents. That is still 50% stronger than the same time last year. Reports from China highlight a growing concern regarding soybean stocks, as previous delays in Argentina and Brazil ports are being felt. Most delays from So. Am. have been resolved, but the late deliveries to China caused crusher inventories in the nation to drop 29.4% to 2.5 MMT as of March 27.
The national average corn basis from cmdtyView was 29.20 cents under May on April 7. U.S. Grains Council reported that on April 02 DDGS were 160% above cash corn, which was the highest premium since 2016. That is of course due to ethanol plants taking downtime and reducing supply. Brazil’s domestic corn market hit the highest nominal level in history on April 07, with cash corn going for 60 reis per 60kg (~$4.86/bu). The high domestic prices are leaving room for competitive imports, likely to be sourced from Argentina.
Chicago wheat was down the most with 2 to 6 1/2 cent drops. HRW wheat futures closed 1 3/4 to 2 1/2 cents lower. Front month MPLS wheat futures ended with 2 1/4 to 2 3/4 cent losses. MYTD France has exported 9.4 MMT of wheat to non-EU nations. Turkey is tendering for 250,000 MT of wheat, closing 04/30. Japan issued their weekly tender, seeking 128,760 MT of wheat from the U.S. and Australia.
PRICE MOVEMENT ON CBOT APR 07
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