PDF attached

 

Good
morning
.

 

USD
was 4 points lower (reversal) and WTI up 57 cents as of 7:41 am CT.  US stocks are on the defensive in part to vaccine rollout concerns.  US and SA weather forecast is mostly unchanged.  Slower than expected start to the US corn planting season is not expected
to have that much impact on prices but drier weather ahead for the western Corn Belt and colder than normal temperatures will be talked about this week.  US corn seedings advanced nicely across the Delta and lower Midwest last week.  The lower Midwest will
see additional rain this week, delaying fieldwork activity.  US winter wheat ratings came in at expectations.  SK bought a cargo oof optional origin corn. Jordan passed on barley and SK bought feed wheat.  Japan is back in for food wheat.  China March soybean
arrivals were up 82 percent form a year ago. 

 

 

 

 

 

 

 

Weather

 

 

 

 

 

Bloomberg
Ag Calendar

Tuesday,
April 13:

  • China
    customs to publish trade data, including imports of soy, edible oils, meat and rubber
  • France’s
    agriculture ministry updates on 2021 crop plantings
  • Malaysian
    Cocoa Board releases 1Q 2021 cocoa grinding numbers
  • HOLIDAY:
    Thailand

Wednesday,
April 14:

  • EIA
    weekly U.S. ethanol inventories, production
  • Unica’s
    data on cane crush and sugar production in Brazil’s center-south region (tentative)
  • FranceAgriMer
    monthly grains report
  • European
    Cocoa Association’s quarterly grind data (tentative)
  • HOLIDAY:
    India, Bangladesh, Thailand

Thursday,
April 15:

  • USDA
    weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
  • Malaysia’s
    April 1-15 palm oil export data
  • The
    U.S. National Confectionery Association releases first quarter cocoa grinding data for North America
  • USDA
    updates monthly North American sugar and sweeteners outlook
  • White
    sugar May contract expires
  • New
    Zealand food prices
  • HOLIDAY:
    Thailand

Friday,
April 16:

  • ICE
    Futures Europe weekly commitments of traders report (6:30pm London)
  • CFTC
    commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
  • Cocoa
    Association of Asia releases 1Q 2021 cocoa grinding data
  • FranceAgriMer
    weekly update on crop conditions

Source:
Bloomberg and FI

 

 

 

 

USDA
inspections versus Reuters trade range                                                    

Wheat                 
458,432                 versus   300000-550000  range

Corn                     
1,584,761             versus   1200000-2100000             range

Soybeans           
327,799                 versus   100000-400000  range

 

Macro

 

Corn

  • CBOT
    corn
    was higher led by the back months in a light trade.  US corn seeding progress came in less than expected and that is supporting back month corn futures.  Ongoing concerns over the Brazil corn crop may prompt major importers to book US corn. 
  • Funds
    on Monday sold an estimated net 11,000 corn contracts.
  • Rains
    will occur across Brazil’s northern Mato Grosso this week. Central Parana and western RGDS will see light rain. 
  • Today
    is day four of the “Goldman Roll.”

 

Export
developments.

  • South
    Korea’s FLC bought 65,000 tons of optional origin corn at $296.79/ton c&f for arrival in SK in July. 

 

 

Soybeans