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3 Big Things Today, April 10, 2020

Grain Markets Closed Friday; Export Sales of U.S. Corn Jumps Week-to-Week.

1. Grain Trading Closed For Good Friday

The Chicago Board of Trade is closed in observance of Good Friday. Markets will reopen Sunday night for overnight trading.

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2. Export Sales of Corn Surge to Marketing-Year High While Bean Sales Decline

Export sales of corn jumped to a marketing year high while sales of soybeans declined last week, according to the U.S. Department of Agriculture.

Corn sales in the seven days that ended on April 2 were reported at 1.85 million metric tons, the highest since the marketing year started on Sept. 1, the USDA said. That’s up 72% week-to-week and 41% from the prior four-week average.

Japan was the big buyer at 702,600 metric tons, followed by South Korea at 331,900 tons and Mexico at 179,600 tons, the agency said. Saudi Arabia bought 139,100 metric tons and Israel purchased 65,000 tons.

For the 2020-2021 marketing year, exporters sold 608,800 metric tons of corn, mostly to China, which bought 504,000 tons. Mexico bought 99,500 tons for delivery in the 2020-2021 year.

Soybean sales, meanwhile, dropped 45% from the previous week and 25% from the average to 523,500 metric tons, the USDA said.

China was the biggest buyer of the week, taking only 143,500 metric tons from U.S. supplies. Mexico was in for 102,700 tons, Egypt took 91,800 tons, Japan purchased 61,900 tons, and South Korea bought 26,300 tons, government data show.

For the next marketing year, net sales totaled 353,400 metric tons as Mexico purchased 285,000 tons and China was in for 66,000 tons.

Wheat sales were reported at 268,600 metric tons, which was up considerably from the previous week, but down 36% from the four-week average, the USDA said.

Taiwan was the big buyer at 98,300 metric tons, Mexico took 84,300 tons, Nigeria was in for 66,000 tons, Italy bought 48,300 tons, and Guatemala purchased 38,300 tons of U.S. wheat. The total would’ve been higher, but an unknown country canceled shipments for 163,800 tons.

For the 2020-2021 marketing year that starts on June 1, wheat sales totaled 117,400 metric tons as the Philippines bought 54,500 metric tons, Chile took 35,000 tons, and an unknown buyer bought 16,500 tons, the USDA said.

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3. Winter Storm Watch in Effect For Western Nebraska While Freeze Warnings Abound This Morning

A winter storm watch will be in effect for much of western Nebraska this weekend as a system rolls through the area, according to the National Weather Service.

From 4 to 7 inches of snow are possible in the region along with sustained winds of 30 mph and gusts up to 40 mph, the NWS said in a report early this morning. Blowing snow likely will “significantly” reduce visibility.

“A strong Arctic cold front will bring a quick changeover from rain to snow Saturday night through Sunday,” the agency said.

A freeze warning, meanwhile, is in effect this morning in a wide stretch of land ranging from central Kansas into Missouri and east into southern Ohio.

In eastern Kansas and western Missouri, temperatures will drop as low as 28°F. this morning, the NWS said. The freeze warning is in effect until 9 a.m. in the area.

In central Indiana, temperatures won’t fall so low, dropping down to 31°F. this morning. Saturday will be cool in the area with lows around 33°F. to 37°F., the agency said.

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