PDF attached

 

Good
morning.
 

 

USD
was down 51 points, WTI crude off 67 cents and US equities higher (tech leading). The weaker USD and Ukraine/Russia conflict is supporting wheat along with technical buying after nearby Chicago recently hit a 21-month low. Corn is higher with a rebound in
nearby spreads. The same is true for soybeans. Traders will be watching US planting progress and Brazil export competition (soybeans). The US weather forecast was mostly unchanged this morning. Malaysia palm futures fell 65 ringgit to 3570, a one month low,
and cash fell $17.50 to $857.00. Offshore values were leading SBO higher by about 21 points this morning and meal $1.40 short ton lower. Poland plans to ban imports of Ukraine grain for domestic consumption through the end of 2023. Tunisia, Iraq and Algeria
are in for wheat. A Bloomberg poll looks for weekly US ethanol production to be down 18,000 thousand barrels to 1006k (970-1034 range) from the previous week and stocks up 18,000 barrels to 25.311 million.

 

StatsCan
plantings

https://www150.statcan.gc.ca/n1/en/daily-quotidien/230426/dq230426a-eng.pdf?st=Opf1NtX-

 

Table

Description automatically generated

 

 

 

Fund
estimates as of April 25

 

Weather

Map

Description automatically generated

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR APRIL 26, 2023

  • U.S.
    hard red winter wheat areas began receiving rain overnight and will continue to see waves of it through Friday
    • Sufficient
      amounts will occur to induce great improvements in crop and field conditions
  • U.S.
    Midwest, Great Plains, Delta and southeastern states will be cooler than usual through the first few days in May and a more normal temperature regime is expected
  • Eastern
    Canada’s Prairies will also be cooler than usual into next week before warming begins
  • Western
    Canada’s Prairies will experience warmer temperatures and some fieldwork will begin
  • West
    Texas cotton areas will only get a limited amount of rain during the next ten days, although a few showers and thunderstorms will be possible at times
    • The
      Rolling Plains of Texas, southwestern Oklahoma and the Texas Panhandle will all receive needed rain
  • A
    favorable mix of weather is expected in the Delta and southeastern states over the next ten days with a wetter and cooler bias expected in the first half of that period
  • California
    is poised for greater precipitation once again and that along with melting snow will lead to some rising flood potentials
  • Southwestern
    Europe and northwestern Africa will continue drier and warmer than usual for another ten days
  • Northern
    Kazakhstan and southern parts of Russia’s eastern New Lands will be drier and warmer than usual for the next ten days
  • India
    will experience some scattered showers and thunderstorms – some of which may be locally heavy in the interior southeast
  • China
    will continue to experience mostly good weather, although rain is needed in a part of the northeast and drier weather is needed south of the Yangtze River

Source:
World Weather, INC.

 

Bloomberg
Ag calendar

Wednesday,
April 26:

  • EIA
    weekly US ethanol inventories, production, 10:30am