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Admin - 02/06/2020


Weather : Forecasts for the start of the week in the Midwest are exponentially more dry compared to the same time a week ago, according to NOAA's short-range forecast. The Eastern Corn Belt should have a chance to dry out early this week and catch up on planting progress as temperatures heat up across the Corn Belt.

General : Worries over an eroding relationship with China kept soybean prices sliding lower again on Friday. Technical selling trimmed prices by another 0.7%. Corn prices also saw moderate losses, as planting pressure and the expectation for a huge harvest this year has created headwinds for both crops. Ukraine’s 2019/20 corn exports have topped 1.118 billion bushels so far, according to the country’s agriculture ministry. Total grain exports are expected to rewrite records this year.




April soy crush from the Fats and Oils report was just above the average expectation with 183.4 mbu processed. That was 4.6% below March crush due to one less calendar day. Meal and oil production were also down 4.6% mo/mo with 4.04m tons and 2.1m lbs produced respectively. Soy oil stocks on hand at the end of April were 2.6b lbs. US soybean planting progressed 10 percentage points wk/wk to 75% complete. The average is 68%. Bean emergence was 52%, up 17 ppts and 8 ppts above average. Initial soybean ratings were 70% good/ex with a 375 Brugler500 score.




NASS says US corn planting is 93% complete and emergence was 78%. The 5-yr averages for 05/31 are 89% and 73% respectively. National corn ratings improved 6 points from last week on the Brugler500 index to 382. USDA reported corn grind in April for ethanol was 245 mbu. That was down 40% from March, and 44% below April 2019. MYTD corn grind through April is 3.34 bbu, which is 67% of the WASDE May forecasted total for 2019/20, right on pace with 2/3 of the year gone. DDGS production dropped 38% from March to April with only 1.013m tons produced.




SRW wheat futures traded 2 1/4 to 5 1/2 cents lower. MPLS wheat ended the first day of the month down 3 1/2 to 4 1/4 cents. Spring wheat was 91% planted and 67% emerged on May 31 peer USDA, both lagging the 5-year average. Initial spring wheat ratings were reported at 80% good/ex and 385 points on the Brugler500 index. Winter wheat ratings were down 7 points this week on the Brugler500 to 334, that is down 26 points from the initial spring rating back in April.




                                                                                                    PRICE MOVEMENT ON CBOT JUN 01

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