Daily Commentary
4/15/24
Wheat futures are trending lower to start the new trading week. CHI is down 3, KC is down 3, and MN is down 1. Row crops are also weaker with Corn down 3, and Beans down 12. May Canola futures are down 9, while July futures are down 10. Paris wheat futures are unchanged.
The U.S. Dollar is higher, Wall Street is higher, Crude is lower, and Gold is lower. Equity markets remain on edge with the increase volatility seen in the Middle East.
Wheat is feeling pressure from updated weather models Monday. Forecasts are showing rains focused on the Northern and Southern portions of the main U.S. winter wheat growing areas. Kansas is predicted to see light rains this week. An updated crop progress report will be out this afternoon. Traders are expecting to see some downgrades after the dryness that was seen last week in the Southern Plains.
The weekly export inspections report will be out later this morning.
Local cash markets were able to hold steady to close out last week. Export demand off the PNW was light all week long. Last week's export sales report showcased that overseas buyers have moved into the new crop timeslot for buying needs. HRS continues to have the most fundamental support with the purchases seen in Thursday's report.
Corn futures are struggling to find upside support as the planting progress is expected to be higher with the farmers able to get into the fields last week. The USDA announced a 165,000 mt corn sale to Mexico this morning. 135,000 mt is for 23/24 delivery and the balance is for new crop. South Korean feeders were able to pick up some 133,000 mt of feed corn last week. Safras y Mercado estimates Brazilian total corn production at 126.13 mmt.
Soybeans are under pressure from harvest progress in Brazil. AgRural estimates Brazil is 84% complete with harvest. The NOPA crush report is expected to be at 197.787 million bushels with bean oil stocks at 1.690 billion pounds.
***WEEKLY EXPORT INSPECTIONS***
WHEAT INSPECTIONS @ 551,278 MT VS 350,000-525,000 MT EXPECTED
CORN INSPECTIONS @ 1,331,683 MT VS 1,200,000-1,500,000 MT EXPECTED
SOYBEAN INSPECTIONS @ 432,905 MT VS 375,000-600,000 MT EXPECTED
***WEEKLY CROP PROGRESS REPORT***
WINTER WHEAT G/E RATINGS @ 55% VS 56% LW
WA G/E RATINGS @ 45% VS 44% LW
SPRING WHEAT PLANTING PROGRESS @ 7% VS 3% LW
WA SPRING WHEAT PLANTING PROGRESS @ 42% VS 21% LW
CORN PLANTING PROGRESS @ 6% VS 3% LW
SOYBEAN PLANTING PROGRESS @ 3% VS 0% LW
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MARKETS
MORNING FROM 9:30 - 11:10 A.M.
AFTERNOON FROM 2:30 - 4:30 P.M.
NO AFTERNOON MARKET ON FRIDAY
NON-HARVEST OFFICE HOURS
MON-THURS 7:30 a.m. - 5:00 p.m.
FRI 7:30 a.m. - 11:30 a.m.
CURRENT PROTEIN SCALES
DNS: +.04/-.08 PER 1/4% BASIS 14%
HRW: +.05/-.10 PER 1/2% BASIS 11.5%