COMMODITY MARKET MOVEMENT ON CBOT – MAY 20 , 2020.
General : Grains were mixed but mostly higher Wednesday. Corn showed some slight downside, with planting pressure triggering some technical selling. But export optimism lifted soybeans about 0.5% higher today, and some wheat contracts were up more than 3% over mounting drought concerns both in the U.S. and overseas. Ethiopia purchased 22.0 million bushels of wheat from optional origins in two international tenders that closed late last month. The country is dealing with a grain deficit brought on by severe drought conditions.
Soy oil futures closed with 25 to 27 point gains. The front month July futures on the Dalian exchange are trading at 12 yr highs @ 5,009 yuan, 718 yuan above Sept and 1,046 above Nov. Ahead of the weekly Export Sales update, analysts expect 0.5 to 1 MT of old crop US bean bookings. New crop soybean sales are estimated between 300,000 and 600,000 MT. Traders are also anticipating 75 to 250 MT of meal sales and 15 to 45 MT of bean oil bookings.
Disappointment about ethanol’s corn usage left old crop 1 1/4 to 1 3/4 lower. EIA weekly ethanol production data showed, for the 3rd consecutive week, production was up and stocks were down. Average daily ethanol production was 663k bpd on the week ending May 15th. That was 46,000 bpd above the previous week’s daily average and close to trade expectations. Stocks were down by 564,000 barrels, mostly in the PADD East Coast and Midwest districts, to 23.626m barrels. The U.S. Grains council reported ethanol FOB prices out of the Gulf had increased 3% wk/wk, to $1.218/gal.
Chicago SRW wheat futures were up the most today, with front months 9 3/4 to 15 cents higher at the closing bell. MPLS spring wheat futures rallied 9 to 12 1/4 cents. After the start to the Kansas Wheat Tour, KC HRW gained 10 to 12 cents. Day 1 of the Kansas Virtual Wheat Tour showed the NW region is forecasted to yield 51.7 bpa of HRW and the NC region’s yield was estimated at 41.1 bpa. There was a lot of crop damage highlighted. CO and NE HRW production estimates were 54.2 mbu and 42.1 mbu respectively.
PRICE MOVEMENT ON CBOT MAY 20
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