News From The Floor

Good morning

 

“The greatness of a nation and its moral progress can be judged by the way its animals are treated.”
Mahatma Gandhi

 

I will be sending additional news shortly after the opening. – Thanks Kate

 

Overnight closes

  • SN up 6 ½ at 1379 ½
  • CN up 7 ¼ at 654
  • WN up 2 ½ at 723 ½
  • SMN up 2.70 at 407.10
  • BON up 18 at 4903
  • RRN up .5 at 1527.5

 

Overnight volume

  • SN 11,760
  • CN 10,223
  • WN 6,135
  • SMN 4,166
  • BON 7,915
  • RRN 100

 

Opening calls

  • Beans 5-7 higher
  • Corn 7-9 higher
  • Wheat 3-5 higher
  • Meal 2-3 higher
  • Bean oil 10-20 higher
  • Rice steady better

 

Crude, gold, silver, stock market and dollar higher.

 

ECB did cut interest rates by .25% (as expected ) to .50% (record low)

 

Weekly US jobless claims report came out this morning at -18K to 324K expecting 345K

 

Today is the final day of the Kansas wheat tour. Final yield estimates from the tour will come out this afternoon

 

Weekly US export sales report came out this morning

  • Wheat ‘12/13 219,200 ‘13/14 497,300 (expecting 300-500K)
  • Corn ‘12/13 329,300 ‘13/14 656K (expecting 800K – 1.0 M)
  • Beans ‘12/13 – 109,800 ‘13/14 1.34 M (expecting 600-900K)
  • Meal ‘12/13 93,200 ‘13/14 55,700 (expecting 150-250K)
  • Bean oil ‘12/13 1,100 (expecting 0-15K)
  • Cotton ‘12/13 314,400 ‘13/14 87,500

 

Export highlights – Dow Jones

  • Wheat – Net sales of 219,200 MT f or delivery in the 2012/2013 marketing year were up noticeably from the previous week, but down 14 percent from the prior 4-week average.  Increases reported for Spain (70,000 MT, including 65,000 MT switched from unknown destinations), Egypt (64,700 MT, including 60,000 MT switched from unknown destinations), Sudan (58,800 MT, including 55,000 MT switched from unknown destinations), Nigeria (46,100 MT, including 14,000 MT switched from unknown destinations), Japan (45,300 MT), and Italy (41,400 MT), were partially offset by decreases for unknown destinations (225,700 MT), Trinidad (13,900 MT), and Honduras (2,000 MT).  Net sales of 497,300 MT for delivery in the 2013/2014 marketing year were primarily for Guatemala (184,000 MT), unknown destinations (100,800 MT), Thailand (55,000 MT), and Mexico (53,000 MT).  Exports of 845,200 MT–a marketing-year high–were up 56 percent from the previous and 34 percent from the prior 4-week average.  The primary desti nations were Mexico (90,600 MT), Brazil (83,400 MT), Nigeria (76,100 MT), Spain (70,000 MT), Egypt (64,700 MT), and Sudan (58,800 MT).
  • Corn – Net sales of 329,300 MT for 2012/2013 were up 5 percent from the previous week and from the prior 4-week average.  Increases reported for Japan (107,800 MT, including 50,300 MT switched from unknown destinations and decreases of 23,800 MT), Mexico (93,800 MT, including 34,100 MT switched from unknown destinations and decreases of 3,900 MT), unknown destinations (87,600 MT), Colombia (21,000 MT), Venezuela (20,000 MT), and El Salvador (6,400 MT), were partially offset by decreases for Trinidad (14,200 MT) and Honduras (3,700 MT).  Net sales of 656,000 MT for 2013/2014 were for China (300,000 MT), unknown destinations (295,000 MT), Japan (46,800 MT), and Trinidad (14,200 MT).  Exports of 403,800 MT were up 25 percent from the previous week and 10 percent from the prior 4-week average.  The primary destinations were Japan (218,900 MT), Mexico (138,800 MT), Jamaica (15,700 MT), Honduras (14,300 MT), and Taiwan (10,900 MT).
  • Beans – Net sales reductions of 109,800 MT for 2012/2013 resulted as increases for Mexico (90,900 MT), Indonesia (84,200 MT, including 74,600 MT switched from unknown destinations), Japan (19,300 MT), Israel (18,900 MT), and Taiwan (6,900 MT), were more than offset by decreases for China (276,300 MT) and unknown destinations (56,800 MT).  Net sales of 1,341,100 MT for 2013/2014 were primarily for China (1,150,000 MT) and unknown destinations (171,000 MT).  Exports of 356,800 MT were up 86 percent from the previous week, but down 2 percent from t he prior 4-week average.  The primary destinations were China (132,700 MT), Indonesia (102,400 MT), Mexico (75,600 MT), Taiwan (20,100 MT), Cuba (8,800 MT), and Vietnam (8,400 MT).  NOTE:  Accumulated exports were adjusted down for the Netherlands (31,700 MT).
  • Meal – Net sales of 93,200 MT for 2012/2013 were down 52 percent from the previous week and from the prior 4-week average.  Increases were reported for unknown destinations (40,900 MT), Guatemala (11,000 MT), Canada (9,300 MT), I srael (6,500 MT), El Salvador (5,700 MT), and Sri Lanka (5,600 MT).   Decreases were reported for Trinidad (4,500 MT), the Dominican Republic (700 MT), and Morocco (700 MT).  Net sales of 55,700 MT for 2013/2014 were reported for unknown destinations (51,000 MT), Trinidad (4,500 MT), and Canada (200 MT).  Exports of 117,800 MT were down 34 percent from the previous week and 30 percent from the prior 4-week average.  The primary destinations were Morocco (21,300 MT), Ireland (20,000 MT), the Dominican Republic (16,900 MT), Canada (14,100 MT), Mexico (13,900 MT), Jamaica (7,000 MT), and Venezuela (6,000 MT).
  • Bean oil – Net sales of 1,100 MT for 2012/2013 resulted as increases for Mexico (1,800 MT) and Belgium (100 MT), were partially offset by decreases for Canada (800 MT).&n bsp; Exports of 3,600 MT were up 37 percent from the previous week, but down 75 percent from the prior 4-week average.  The primary destinations were Mexico (2,600 MT), Canada (700 MT), Panama (100 MT), and Australia (100 MT).
  • Cotton – Net Upland sales of 314,400 running bales for 2012/2013 were up 32 percent from the previous week and 69 percent from the prior 4-week average.  Increases were reported for China (254,700 RB), Vietnam (25,400 RB), Mexico (9,800 RB), Taiwan (9,300 RB), and Indonesia (7,600 RB).  Decreases were reported for Turkey (2,600 RB), South Korea (1,700 RB), and Peru (1,500 RB).  Net sales of 87,500 RB for 2013/2014 were primarily for China (47,500 RB) and South Korea (22,400 RB).   Exports of 364,800 RB were up 9 percent from the previous week and 7 percent from the prior 4-week average.  The primary destinations were China (146,300 RB), Turkey (89,700 RB), Indonesia (15,500 RB), Thailand (12,700 RB), Brazil (11,500 RB), and Mexico (11,500 RB).  Net American Pima sales of 9,600 RB for 2012/2013 were up 31 percent from the previous week, but down 20 percent from the prior 4-week average.  Increases were reported for India (4,300 RB), China (3,900 RB), Indonesia (500 RB), and Egypt (400 RB).  Exports of 14,900 RB were up 1 percent from the previous week, but down 32 percent from the prior 4-week average.   Increases were primarily to China (6,100 RB), Pakistan (3,100 RB), India (2,400 RB), and Bangladesh (900 RB).

 

Open interest as of yesterday’s close

  • CN 459,450 open, down 6,773
  • Total corn 1,145,940 open, down 10,403
  • SN 289,075 open, down 4,762
  • Total beans 536,222 open, down 1,943
  • SMN 134,904 open, down 1,326
  • Total meal 252,849 open, down 3,246
  • BON 193,895 open, up 2,381
  • Total bean oil 341,774 open, up 3,135
  • WN 234,334 open, down 1,110
  • Total wheat 407,188 open, up 106

 

 

Upcoming reports/events

  • Weekly EIA Nat Gas storage report comes out today at 930 am CDT expecting +29 B
  • US unemployment comes out tomorrow at 730 am CDT
  • Weekly COT report comes out tomorrow at 230 pm CDT
  • General elections in Malaysia on May 5th
  • Monday’s weekly US crop progress report expecting to see no more than 15% corn planting complete vs. 5 year average of 47%
  • CONAB Brazilian crop report comes out May 9th . Previous estimates were
    • Bean crop at 81.9 MMT
    • Average bean yield at 2.957 TPH
    • 1st  corn crop at 34.8 MMT
    • 2nd corn crop at 42.68 MMT
    • Total corn crop at 77.45 MMT
    • Wheat crop at 4.3 MMT
    • Cotton crop at 1.2 MMT
  • USDA crop production and supply and demand report comes out on May 10th at 11 am CDT
  • CME to launch RINs contracts including ethanol RINs and biodiesel RINs on May 13th
  • Argentina will raise biodiesel blend rate to 10% from 7% on June 1st

 

Thank you,

 

Kate Rosenberg