COMMODITY MARKET MOVEMENT ON CBOT – APR 23, 2020.
Weather : A wet weekend may be in store for some parts of the Midwest and Plains, with 1.5” or more expected for much of the eastern Corn Belt between Friday and Monday, per the latest 72-hour cumulative precipitation map from NOAA. Further out, the agency’s 8-to-14-day outlook predicts cooler-than-normal weather for the Great Lakes region between April 30 and May 6, with seasonally warmer temperatures farther west. NOAA also expects to see drier-than-normal weather develop in the Central Plains during this time.
General : Grain markets finished Thursday’s session mixed but mostly higher as traders are optimistic about export prospects, which prompted some technical buying and short-covering. In particular, there are some signs China may be stepping up its grain purchases, just as quotas are rapidly being filled by major overseas grain export competitors in the Black Sea region. Most grain prices firmed between 0.5% and 0.75% today. Taiwan purchased 8.1 million bushels of milling wheat from the U.S. in a tender that closed earlier today. The purchase was divided into four consignments comprised of various types of wheat and are for shipment between June and August.
March 2021 closed at a 2 cent loss. Soybean meal futures were 40 cents/ton higher in May to 20 cents in either direction for the deferred contracts. Soy oil was firmer as the front months finished 4 to 6 points higher. This morning, USDA reported a private export sale of 272,000 MT of soybeans to China for a 19/20 MY delivery. The Export Sales report showed soybean bookings from the week ending April 16 at 344,921 MT. That was up 41% wk/wk but down 42% from the same week in 2019. China purchased 3.2% of the total sales on the week.
Old crop corn futures were 1 1/2 to 1 3/4 higher, while new crop corn gained as much as 2 1/4 cents. The USDA’s Export Sales report with data from the week ending April 16 showed old crop corn bookings at 726,732 MT (28.6 mbu). That was down 20% wk/wk and was 6.8% lower than the same week last year. Unshipped commitments are at 13.7 MMT and the MY total commitments through week 33 are 35.39 MMT (1.39 bbu), which is 23.2% behind last year’s pace.
KC KC HRW futures were 4 1/2 cents lower from May to March 21. Spring wheat was higher on Thursday with gains of 1 3/4 to 3 1/2 cents. SRW wheat futures were higher in the nearbys and lower in deferred contracts. USDA’s weekly update to Export Sales showed 244,654 MT (or 8.99 mbu) of old crop wheat bookings. That was 37.2% higher wk/wk, but down 43% yr/yr.
PRICE MOVEMENT ON CBOT APR 23
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