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Admin - 06/05/2020


Weather : Another 1” or more total rainfall is expected to fall on a large portion of the Midwest and Mid-South between Wednesday and Saturday, per the latest 72-hour cumulative precipitation map from NOAA. The upper Midwest could remain fairly dry during this time. Further out, NOAA’s 8-to-14-day outlook predicts some seasonally wet, cool weather between May 12 and 18.



General : Grain prices moved modestly higher Tuesday, thanks to spillover strength from the financial and energy sectors. Corn, soybeans and most wheat contracts all finished the session in the green, with average gains of around 0.5%. Planting pressure still lurks in the background, however, putting a lid on price upside for now. Trade tensions between the U.S. and China remain tense, however, with both countries criticizing each other over their coronavirus responses.




Soymeal futures were 80 cents to $1.50 higher on Tuesday. Bean oil futures closed with gains of 14 to 17 points. Private exporters reported a sale of 378,000 MT of soybeans to China, split delivery with 64% new crop. The monthly update from CENSUS showed soybean exports in March totaled 94.46 mbu. That was down from last year’s record (for March) 136.19 mbu.




Dec corn futures were a 1/4 higher at $3.47 1/4. There is a possible frost threat for the northern parts of the Corn Belt this weekend. USDA reported a private export sale of 109,135 MT of corn to Mexico, to be split 45,220 and 63,915 MT old-new crop delivery. March corn shipments reported by Census totaled 181.71 mbu, the high for the MY so far but still 3.25% behind March ’19. The MY total through March is 801 mbu. DDGS exports in March were up 5.5% mo/mo but down 6% yr/yr with 899,730 MT shipped.




May SRW wheat closed at $5.25 1/2. The other front months were 1 1/4 to 1 3/4 cents higher. KC wheat closed lower, with losses of 2 1/2 to 3 1/4 cents. Spring wheat ended the session with gains, but shrank carry; July to March HRS carry was down 1 3/4 cents to 37 1/4. The Buenos Aires Grain Exchange projected Argentine 2020/21 wheat acreage at 6.7m HA. Planting in the nation generally begins in mid-May.




                                                                                                      PRICE MOVEMENT ON CBOT MAY 05

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