- Grains were mostly higher overnight with corn up 10-15 cents, beans up 10 cents, meal down 2-3 bucks and oil up 184 points. The wheat market was firmer with Mpls up 10 cents, KC up 8 cents and Chicago up 6 cents.
- Crop progress/conditions report is scheduled for release this afternoon (3 PM CDT).
- Weekly export inspections report scheduled for release this morning around 10 AM CDT.
- US$ weaker, down 158 at 91.127, gold up 12-13 bucks at $1,780/ounce and the CD$ down 0.00055 at 0.81385.
- DJIA firmer, up 200 at 33968 and the S&P was firmer also, up 21 at 4195 on strong earnings, economic data, and fiscal stimulus.
- Oil on the defensive on slowing demand from India and OPEC+ decision to increase output in May.
- The corn market traded higher on global supply worries.
- There were no deliveries against the May contract.
- Brazil expected to be dry for this week.
- Planting progress is expected to be near 30-35% complete. Plantings were at 17% complete last week.
- Spreads: N/U 84 inverse, U/Z 31 ¾ inverse, N/Z 115 inverse, Z/H 4 ¾ carry.
Outlook: Higher trade on global supply concerns from dryness in Brazil.
- The soybean market traded higher on borrowed strength in the soyoil market and other related vegoil markets.
- Deliveries: 66 soybeans, 9 soymeal and 488 soyoil.
- Planting progress is expected to be near 25-30% complete. Plantings were at 8% complete last week.
- Palm oil closed up 193 ringgit at 4061 ringgit on strong exports and the rally in US soyoil.
- China markets are closed as China is on holiday. Trade is expected to resume May 6.
- China’s soybean market
- Spreads: N/Q 62 inverse, Q/X 129 inverse, X/F 1 ¼ inverse, X/H 21 ¼ inverse.
Outlook: Higher trade on strong vegoil markets.
- The wheat market traded higher on row crop strength and dry conditions in the US Northern Plains and Canadian Prairies.
- Deliveries: 52 Mpls, 5 KC and 200 in Chicago wheat.
- Spring wheat planting progress is expected to be near 50% complete through Sunday. This compares to 28% complete previously.
- Winter wheat conditions are expected to improve 1-2% with recent bouts of moisture. Last week ratings were 49% G/E.
- More rain events expected across parts of the US Southern Plains.
- Spreads: Mpls N/U 3 ½ carry, Kansas City N/U 4 carry, Chicago N/U 2 ½ inverse.
Outlook: higher trade on strength in row crops and dryness in the Northern Plains.