- As of 6:45 AM CT: US dollar index down .031 at 79.666, crude oil up 56 cents at $101.40, ULSD up 1 ½ cents, gasoline up a penny, natural gas unchanged, gold down $9.60 at $1289.10, European Stoxx up .87%, Nikkei closed down .98%, Hang Seng closed up 1.45%.
- The 1-5 day maps look slightly drier for the central Midwest, but not much fieldwork will get done with light rains in the forecast through Friday.The 6-10 map looks wetter for the northwestern Midwest. Southern Plains remain dry.
- The US and EU are imposing new sanctions on allies of Russian President Putin.Pro-Russian rebels are holding a group of German and other OSCE military observers for a fourth day and have seized more public buildings in the Donetsk region.
- First notice day for May grain futures is tomorrow, Wednesday, April 30th.Long positions are reported after the close today and risk taking delivery.
- Effective May 1st, the new daily trading limit in corn will be 35 cents, $1.00 in beans, 45 cents for CBOT wheat, 50 cents for KC wheat, 3 cents in bean oil and $30 in bean meal.Limits will be recalculated in six months.
- Corn planting is 19% complete, on the low end of expectations and well below the 28% average.Next week’s average pace is 42% and with the current cool, wet forecast it doesn’t look likely that we’ll catch up this week.The crop can be planted in hurry if necessary, last year 40% of the crop was planted in one week!
- Major states completion: IL 32%, IA 15%, IN 8%, MN 4%, NE 20%.
- Yesterday’s export inspection included a corn vessel bound for China off the PNW.This would be the first full corn cargo for China since January.
- A 60 million gallon/year ethanol plant in Virginia that was completed in 2010, but never operated, is reportedly now grinding corn.
- Corn deliveries are estimated at 0-200 contracts.
- Syngenta says they do not expect any official word on approval by China of MIR162 until this summer, based on past practices. China announced that 1.124 mmt of MIR162 corn has been rejected.
- The CK/CN carry continues to trade from 5 – 6 ¼ cents.Overnight it was 5 ½ - 6 cents.
- May corn has closed higher in four out of the last five sessions.If May corn closes the month above $5.02, it will be the fourth higher monthly close in a row and the longest run of monthly gains since October 2010.
- The US Dept. of Ag forecasts that China will be the world’s largest corn importer by 2021.They are expected to import 2% of their consumption needs this year.
- US soybean planting is 3% complete versus 4% average.IL 2% done, IA 0, IN 1%, KS 1%, NE 6%
- Crushers are rolling bids to the July, check your markets.
- Brazilian sources indicate 7 bean boats are headed to the US totaling 356 tmt.
- Another new contract high in May meal on Monday.
- No bean deliveries are expected on first notice day.
- The SK/SN inverse widened overnight, trading from 8 – 9 ½ cents.
- HRW continues to gain strength from a dismal outlook for moisture over the next 10 days.Other wheat areas of the world, including the EU, western FSU and western Australia are experiencing good growing conditions.
- The wheat tour should have numbers for OK, NE and CO on Wednesday and for KS on Thursday.The tour covers from Manhattan to Colby today.
- Winter wheat conditions fell 1% to 33% good/excellent. 18% of the crop is headed versus 26% on average.
- Spring wheat planting is 18% complete vs. 30% average.
- Argentina has approved an additional 500 tmt of 13/14 wheat exports, bringing the official exportable surplus to 1.5 mmt.
- Egypt’s Supplies Ministry says they have bought 350 tmt of local wheat since April 15, about 40% more than over the same period last year.
- Ethiopia is tendering for 70 tmt of optional origin milling wheat.