Monday Grain Recap
First day of June, first day of a new marketing year in wheat according to the USDA calendar!
Values were mostly negative to start out
USDA confirms rumored soybean export sales activity
From USDA-FAS:
Private Exporters Report Sales Activity for China and Unknown Destinations
WASHINGTON, May
Weaker tone
Wheat is back to where it was trading last Friday. Corn is softer, but still holding above recent support of 330 in CZ. Beans
Weekly Recap
For the week:
- CZ closed down 4 cents and almost exactly matched last week’s 330-339 trading range.
- SX fell a dime but posted higher
Flash sale to China 400kmt beaners
USDA FAS:
May 13, 2020–Private exporters reported to the U.S. Department of Agriculture export sales of 396,000 metric tons of soybeans for delivery to China.
USDA Summary
Bad news of course, but apparently all the bad news was already in the market. Corn closed 4 cents/bu higher in the nearby July
Mother’s Day Freeze
Grain markets largely shrugged off hard frosts and freezes that blanketed the northern half of the US and extended as far south as central
China Buy Prompts Corn Rebound
May 7, 2020—Private exporters reported to the U.S. Department of Agriculture export sales of 686,000 metric tons of corn for delivery to China. Of
Ethanol perks up
Weekly ethanol data from the EIA showed modest improvement from the recent beatings.
- U.S. Ethanol stocks are down from 725,000 thousand barrels from last
Corn 51% planted vs 21% year ago
Corn is 51% planted vs 21% year ago & 5-year average of 39%
Soybeans are 23% planted vs 5% last year & the 5-year average