-Argentine biodiesel exports “stopped” due to coronavirus
-US soybean crush rates reduced
-Continued strong Brazilian soybean exports expected for May
-No USDA sales announcements
-Record Argentine wheat crop expected
-South Korea buys South American corn/SBM for Sept shipment
The EIA’s weekly ethanol/energy data later this morning will be closely watched, once again, with an eye on gasoline demand and optimism for continued stabilization/possible rebounding of ethanol production. There are some ideas some degree of ethanol production may start coming back online with the modest recovery in energy prices of late.
 The head of Argentina’s biofuels industry group, CARBIO, said the exporting of biodiesel from Argentina “is 100% stopped†due to the massive decline in fuel demand in the EU, for the most part their sole export market. Argentina exported around 1 MMT of biodiesel last year, almost entirely going to the EU. Biodiesel plants that produce for the export market are shut down, resulting in expected increases in soybean oil stocks to surplus levels this year.
 An annual crop tour of Oklahoma put this year’s winter wheat crop at 96.5 million bushels vs last year’s 110.0 million (5-year average production 102.8 million), with an average yield of 33.2 bushels/acre vs last year’s record high 40.0, and is right in line with the 5-year average yield of 33.0 bu/acre. For reference, the 2018 OK crop was 70 mil bu and was 98.6 million in 2017.
 Wire service snaps of CEO comments during Bunge’s investor conference call indicated the company has reduced U.S. soybean crush by almost 10% due to lower soybean meal demand.
 Brazilian export association, ANEC, said soybean exports in May could reach 11.9 MMT based on loading schedules, which would be solidly above last year’s May exports of 10.0 MMT and the 2nd largest total for the month. Recent indications of April exports have been anywhere from 14.5-16.3 MMT, easily a monthly record, as official data is awaited. ANEC expects Brazilian corn exports to resume in May following a near absence of exports in March and April.
 The Buenos Aires Grains Exchange put early ideas on the 2020/21 Argentine wheat crop at 21.0 MMT, up from last year’s 18.8 MMT, and would be a new all-time record. Widespread planting gets underway this month.
ï‚· Tyson announced they will resume limited production at its Waterloo, IA pork processing plant on Thursday.
ï‚· Saudi Arabia has allocated roughly $533 million to fund direct and indirect loans to import ag products in order to secure food supplies during the coronavirus pandemic, with imports of rice, sugar, soybeans and corn being the initial focus.
ï‚· South Korea bought 138k tonnes of South American corn for Aug-Sept shipment periods at $171.99/tonne c&f. They also bought 60k tonnes of South American soybean meal for FH Sept shipment at $339.00/tonne c&f.
ï‚· There were no USDA sales announcements this morning.
Weather
Rains of .25-.75â€+ are expected for the southwest ½ of IA, most of MO and the southern ½ to 2/3 of IL, IN and OH later tomorrow into Friday. The European still indicates system for Sunday to bring rains of generally less than .50†to areas mainly north of I-80. There could even be a bit of wet snowflakes mixed in across MN and WI with that system. Conditions will then be quiet for Monday and Tuesday, with another system by Wednesday and Thursday. The models are a bit mixed on their ideas with this system. The European sees totals of .50-1â€+ to fall in most of MN, IA, MO, WI, IL and MI, with less than .40†in IN and OH. The GFS sees totals of .50-1â€+ to fall in most of MN, IA, WI, MI and the northern 1/3 of IL, IN and OH. A below average temperature regime is expected through the 10-day outlook. Rains of .30-.80â€+ fell in the western ½ of Mato Grosso, MGDS and Parana, as well as most of RGDS and Santa Catarina. Dry weather dominated the rest of the Brazilian growing regions yesterday. Hit and miss showers and thunderstorms look to bring rains of .25-.75†to around 65% of Mato Grosso and MGDS, with things mainly dry elsewhere over the next several days. The 6-10 day sees rains of .50-1â€+ to fall in most of the Brazilian growing regions.