Early Market Talk May 21, 2020

Emtheader

Unusual to see Chi wheat leading trade volume overnight. WN20 with 10+ contracts trading and up 6¢ this morning. Wheat still benefiting from smaller production talk out of Russia and technical considerations.

At 0600 CN20 trading unchanged at $3.19 ½ with SN20 off 2¢ at $8.44 ¾. Chi wheat again trading 6¢ higher with KC following up 4¢.

Dow futures off 121 points this morning at 24,392. Monday high at 24,76 just shy of April 30th high and troubling to some chart watchers with double top implications?

Crude oil 72¢ higher on the lead contract trading $34.19. Interesting that with all the weirdness that took place on the May crude contract (trading at negatives) Spot crude is now $74.45 off the bottom and $31.52 from the most recent high.

Weekly ethanol production up for the third consecutive week. Stocks also declining and near year ago levels.

Kansas wheat tour wraps up today. After two days the state average wheat yield stands at 42 bpa.

Export sales at 0730. Trade expecting both corn and soybean export totals to top 1 mmt.

Funds credited with selling 3K corn yesterday brining their net short to 229K contracts. Bought an estimated 3K soybeans for a net long of 31K.

Markets closed Monday for Memorial Day observance.

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