Grain markets are mostly lower:
Corn - 2 cents/bu (July @ 3.17 ½ )
Soybeans – 12 ¼ cents/bu (July @ 8.34 ¼ )
Chi Wheat + 2 ½ cents/bu (July @ 5.16 ¼ )
Cdn $ -0.00330 (71.66 cents)
WTI Crude Oil +.37/barrel (33.86)
Below are the export sales for the week ended 5/14/2020 that was released this morning. Units are listed in thousands of tonnes.
| | Actual | Estimates | Last Week | Last Year |
| Corn 19/20 Corn 20/21 | 884.2 -29.3 | 500-1000 200-400 | 1073.2 554.5 | 442.1 183.9 |
| Soybeans 19/20 Soybeans 20/21 | 1205.0 464.0 | 500-1000 300-600 | 655.5 440.0 | 535.8 5.1 |
| Wheat 19/20 Wheat 19/20 | 175.9 252.4 | 100-250 100-400 | 203.5 149.8 | 48.4 344.9 |
Corn performed within estimates for old crop corn, and far behind estimates for new crop due to cancelled contracts. This is off last week’s values, but still good compared to last year. Marketing year corn export sales to date fall short of the seasonal pace needed to hit USDA's target by 44 million bushels, versus being short by 54 million the previous week. The gap is quickly closing.
Soybeans performed above average in old crop and within range for new crop. These are fairly bullish values, however, the current futures market for soybean is not reflecting that. The negative soybean prices could be attributed to increased tensions between China and the U.S. over the U.S. senate passing a bill yesterday that bans Chinese companies from listing on American equity exchanges.
Wheat was within average for both new and old crop. Wheat remains higher this afternoon as it comes off of highs yesterday as a result of a reduction in Russia’s wheat crop.