- The next USDA report is scheduled for Wednesday, May 12th at 11 AM CDT.
- Grain markets: corn up 10 cents, beans up 12 cents, meal up 2-3 bucks, oil up 68 points, wheat up 1-2 cents, KC up 3-4 cents and Mpls up 6 cents.
- Energy markets: mostly higher with crude oil up 84 cents at $65.34/barrel.
- US$ firms as investors weigh in on possible interest rate hikes from economic growth optimism. US$ up 0.328 at 91.332, gold down 7-8 bucks at 1785 on Dollar strength and CD$ down 0.00045 at 0.8103.
- Oil strength stems from easing restrictions in the US and Europe .....led by demand for gasoline as folks are expected to hit the highways big time during the summer months.
- DJIA down 78 at 33930 & S&P down 17 at 4178.
- Pandora looks to use lab manufactured stones as they have grown from carbon with more than 60% renewable fuels and expect to reach 100% by next year.
- Corn prices traded higher on tightening supplies and ongoing dryness in Brazil.
- There were no deliveries posted against the May contract.
- Crop progress was reported at 49% complete, compared to 17% last week, 48% last year and 36% on average.
- Spreads: N/u 92 inverse
Outlook: higher trade expected on dry weather in SA
- Soybean prices were stronger overnight, supported from ongoing firmness in the vegoil markets.
- Deliveries: 64 soybeans, 9 soymeal and 12 soyoil contracts were posted against the May.
- Crop progress was reported at 24% complete, compared to 8% last week, 21% last year and 11% on average.
- July palm oil closed down 19 ringgit at 4,042 ringgit. Prices drew pressure from a bout of profit taking and
- Spreads: N/Q 56 ¾ inverse
Outlook: Higher trade on strength in other related oil markets
- The wheat market was stronger on borrowed strength in the corn market.
- Deliveries: 36 in Chicago, 311 in KC and 33 in Mpls.
- Crop progress was reported at 49% complete versus 28% las week, 27% last year and 32% on average (ND 42, MN 72, MT 33, SD 81).
- Dryness in the US Northern Plains is expected to continue this week with the extended maps suggesting chances for moisture.
- Spreads: Mpls N/U 3 carry, Kansas City N/U 5 carry, Chicago N/U ½ carry.