Rains near expectations yesterday favoring central MN and NW WI. Forecast from our lead forecaster unchanged with rains in NW areas through Saturday and west and central areas through Sunday. Dryness continues in SC regions but expected to improve next week.
At 0600 CN20 trading 2 ¾¢ higher at $3.33 with SN20 3 ¼¢ higher at $8.74 ½. Vol more modest at 18 and 10K on these two contracts. Total volume of all contracts 46K corn and 24K. Spread volume reduced. Chi and KC wheat 3 and 5 higher.
Dow futures giving up 94 points this morning at 26,063. Crude 40¢ higher at $38.25. US $ Index showing modest weakness. Markets continue to grapple with latest news and developments on Coronavirus.
Weekly ethanol production at 841K barrels up slightly over the previous week and near 24% behind a year ago.
China expected to take upwards of 24 mmt of US soybeans this year. So far for the 20/21 crop year, purchases amount to a little more than 2 mmt. We had better see more of those daily sales announcements some get excited about.
NOAA 7-day rain totals look more impressive for Iowa than yesterday.
Ethanol plants that are running, in general chewing through corn faster than it is being replaced. Off the farm bushels largely across their scales and we know how slow that has been. New commercial sales extremely thin with a 5 – 10¢ range between offers and pushable bids today.
New crop ‘21 Accumulator type contracts getting some looks with time value making them attractive vs current values.
INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.
E- mail: Bruce.Nelson@IFCS.com
1075 Jordan Creek Parkway Suite 300
West Des Moines, IA 50266
800-422-3087 Ext 3791