At 0630 CN20 trading 1¢ lower at $3.16 ½ with SN20 a ¼¢ higher at $8.36 ¾. KC wheat showing fractional gains with Chi off 5¢. Low volume totals all the way around overnight with little fresh news.
Dow futures 314 points higher at 23,894. Crude oil $2.03 higher at $22.44. The US $ Index showing sharp gains as well.
Weekly crop progress showed corn planting 51% complete (21% a year ago) and a few points higher than trade guesses. Soybean planting at 23% compared to trade guess of 21%.
Weekly export sales on corn of 1.217 mmt was above trade expectations and the third largest weekly total of the crop year. However, pace remains below that needed to reach USDA annual target.
Weekly EIA report later this morning with trade looking closely at. gasoline and ethanol production / stocks.
Soybean shipments out of Brazil for the month of April at a staggering 16.3 mmt. Compares to just over 9 mmt a year ago this month. I’m old enough to remember when traded talked about Brazil not having infrastructure.
Trump administration pushing an initiative to remove industrial supply chains from China with an economic prosperity partnership. Would include operating under the same set of standards.
Extended weather maps show general and seasonal waring across the Midwest. Can we call this close to ideal conditions? Some places no question.
Again, ethanol production and stocks data later this morning………………
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