Highlights
- Outside markets as of 7:00 am CT: Dollar up 610 at 99.497, Crude Oil down $.47 at $19.64, Dow down 390 at 23490 and Gold down $16.60 at $1752.30.
Corn
- Valero Energy announced it is idling 8 of their ethanol plants temporarily and reducing production at the other 6 locations.
- NASS reported North Dakota 83% harvested on corn, up 2 from last week.
- Corn was 7 ½ cents/bu higher on China’s Dalian exchange overnight.
Outlook: May corn made a new contract low overnight.
Oilseeds
- The NOPA crush report for March will be released at 11:00am CT. The average estimate is 175.16 mbu, which if realized would be a record for the month of March.
- Nearby soybean futures on China’s Dalian exchange closed 79 cents/bu higher overnight.
- Brazil’s Real currency is weaker this morning.
Outlook: Quiet, but firm trade overnight, with a recovery in soymeal.
Wheat
- Egypt’s GASC bought 60tmt Russian wheat in their tender for each of the May 15-25th and May 26-June 5th shipment periods.
- Romania has banned exports of cereal grains to non-EU areas through the middle of May.
- Paris Milling Wheat futures gapped lower overnight and currently are trading about 8 cents/bu lower.
Outlook: Increased chances of rain in the dry areas of Europe and Black Sea nations is adding pressure to wheat prices.
