Day two, with the weather heading across the country, might continue to impede the planting progress into the weekend.
And If I do say so myself, I compiled the information below during a top notch professional showing from the Boston Bruins tonight. Winning against the Toronto Maple Leafs 6-3.
United States EIA Crude Oil Stocks Change was reported at 2.170M in 20/Apr from -1.071M in the previous period. It was expected at -2.043M
United States EIA Gasoline Stocks Change was reported at 0.840M in 20/Apr from -2.968M in the previous period. It was expected at -0.625M.
I’d say so, check out the price action in O.J. over the last month.
Corn futures ended the Wednesday session with most contracts 5 to 6 cents higher, following wheat. Wednesday’s weekly EIA report showed ethanol production for the week that ended 4/20 dropping 24,000 barrels per day to 985,000 bpd. That is the lowest weekly production total since the week of October 6 last year. Stocks of ethanol were 357,000 barrels higher than the previous week at 21.701 million barrels. The Midwest was the only region to see stocks shrink. The average trade guess for old crop export sales ahead of tomorrow is 0.8-1.2 MMT, with new crop ranging 200,000-400,000 MT. China’s corn acreage is expected to be down nearly 823,000 acres from last year in an effort to help trim stocks. Brazil’s second crop is experiencing some dryness in Parana, the country’s second-largest corn-producing state.
|May 18 Corn closed at $3.86 1/2, up 5 1/4 cents,|
|Jul 18 Corn closed at $3.95 3/4, up 5 3/4 cents,|
|Sep 18 Corn closed at $4.03, up 5 3/4 cents|
|Dec 18 Corn closed at $4.12 1/4, up 5 3/4 cents|
Soybean futures closed with 4 to 6 cent gains on Wednesday. Soy meal was $4.10/ton higher, with front-month soy oil down 23 points. Ahead of Thursday’s USDA Export Sales report, analysts are expecting to see old crop soybean sales in the range of 400,000-700,000 MT. New crop is seen as having the same range. Sales of soy meal are projected at 100,000-30,000 MT, with soy oil at 8,000-30,000 MT. The USDA Ag Attaché expects the Brazilian soybean crop at 115 MMT for 2018/19, even with the current 17/18 projection.
|May 18 Soybeans closed at $10.27 1/2, up 5 1/4 cents,|
|Jul 18 Soybeans closed at $10.39 1/4, up 5 1/4 cents,|
|Aug 18 Soybeans closed at $10.41 1/2, up 5 1/2 cents,|
|Nov 18 Soybeans closed at $10.34 3/4, up 6 cents,|
|May 18 Soybean Meal closed at $376.20, up $4.10,|
|May 18 Soybean Oil closed at $30.79, down $0.22|
Wheat futures saw gains of 6 to 7 cents in most MPLS contracts on Wednesday. CBT and KC led the way, 12 to 15 cents higher. Scattered reports of freeze damage in KS helped. The 5-day QPF shows most of the Southern Plains fairly dry over the next few days. After last week’s Export Sales report showed a net reduction in old crop wheat sales, this week’s report is estimated to have a net reduction of 100,000 MT to sales of 200,000 MT. New crop wheat is expected to see sales of 150,000-350,000 MT in the week that ended April 19. The annual Hard Winter Wheat Quality tour will take place next week, as analysts will look to get a better idea of the crop’s quality.
|May 18 CBOT Wheat closed at $4.86 1/4, up 13 3/4 cents,|
|May 18 KCBT Wheat closed at $5.07, up 14 1/2 cents,|
|May 18 MGEX Wheat closed at $5.99 1/2, up 6 3/4 cents|