-Trump signs order to keep meatpacking plants open
-Taiwan buys Brazilian corn – US not offered
-CME revising daily price limits higher
-USDA reports modest soybean sale to Mexico
-EIA ethanol data this morning remains strong focus
The EIA’s weekly ethanol and energy reports will be out later this morning and have become a major focal point of the markets. Close attention will be paid to the weekly gasoline demand update for continued indications of stabilization after the last two weeks held steady following the 3-week plunge in late March/early April. First notice day for May deliveries is Friday.
ï‚· President Trump signed an executive order for U.S. meat packing plants to remain open and continue operating through the coronavirus pandemic. Twenty-one meatpacking plants have closed in recent weeks as workers fell sick with the virus, with an estimated 6,500 workers either testing positive or being exposed to someone who has. Specific guidelines and changes in working conditions are being worked out, but will likely include reduced processing levels relative to capacity due to lower worker counts as a result of those being out sick, as well as increasing distancing between workers.
ï‚· Taiwan bought 65k tonnes of Brazilian corn overnight for Aug shipment at $103.9 cents +CU0 (~$166.88/tonne). No U.S. corn was offered in the tender.
 The CME’s daily price limits on ag contracts will be revised effective May 1. The new daily limits will be: corn 40 cents/bu vs 25 cents currently, soybeans 90 cents/bu vs 60 currently, Chicago and KC wheat 60 cents vs 40 currently, soybean oil 30 cent/lb vs 20 currently, soybean meal $30/ton vs $20 currently, soybean crush $1.89/contract vs $1.26 currently, oats 30 cents/bu vs 20 currently and rough rice $1.50/cwt vs 95 cents currently. The new limits will remain in effect until November 1.
ï‚· Ethiopia received offers for the 400k tonnes tendered for, which they have delayed several times. Details of the offers are not available. A separate tender for 200k tonnes of wheat is scheduled to close tomorrow.
ï‚· USDA reported the sale of 109k tonnes of soybeans to Mexico this morning, with 65k tonnes for 2019/20 delivery and 44k tonnes of 2020/21.
Weather
Rains of .40-1†fell across E MN, the southern ¾ of MO, into most of IL, WI, MI and NW IN. Totals of generally less than .35†fell in the rest of the corn belt. The current system will continue to work east today and will bring totals of .50-1â€+ to NE IL, SE WI and most of MI, IN and OH. The heaviest totals look to fall in NE IL, SE WI and E MI. Conditions look to dry out to the west of the MS River today and then all areas look to be dry by tomorrow and will remain dry for Friday and Saturday. By Sunday, an area of showers and thunderstorms is indicated to bring totals of .40-1†to southern IA and central IL. The models are mixed in the 6-10 day period, with the European indicating rains in IA and IL Sunday and for most of IN and OH, bringing totals of .40-1†then turning mainly dry for the rest of the period, with just a few light showers by Friday of next week. The GFS indicates a system to bring rains of .40-1â€+ to most of the region.
Rains of .30-.80†fell across the SE ¼ of KS, as well as into the eastern ½ of OK and TX, with things mainly dry in the rest of the
southern plains. Conditions look to be mainly dry through the rest of this work week, as well as into Saturday. By Sunday, an area of showers and thunderstorms look to bring rains of .30-.80†to the northern 1/3 of KS. The 6-10 day outlook remains mixed, but in general, ideas call for a system to bring some rains to the region by Tuesday of next week. The GFS is the most timid with the rains, indicating totals of .20-.70†to fall in a scattered fashion across the eastern ½ of KS and into the SE TX panhandle, while the European sees .30-.80â€+ totals to fall in the western and southern 1/3 of KS, the northern 1/3 of OK and much of northern TX.