-Asian buyers continue to gobble up South American corn
-SBO follows bludgeoned palm oil which followed crude oil’s historic collapse
-U.S. corn/soybean planting progress as expected, spring wheat slow
-Winter wheat conditions decline more than expected, but SRW improves
Palm oil was bludgeoned in overnight trade following the historic collapse in crude oil prices yesterday into negative territory with May futures closing at -$37.63/barrel. Benchmark July palm oil futures were down 7.5%, moving back to the lowest levels since mid-October as all of the gains established on concerns at the end of 2019 of lower than expected production and tightening stocks over the coming year have now been erased. Corn and soybeans were solidly lower, as well, while even wheat. with the larger than expected decline in crop conditions, could not find any strength.
ï‚· South Korean feed mills bought 264k tonnes of South American corn for August shipment at prices from $172.70-$176.74/tonne c&f. Results of a tender by Taiwan for 65k tonnes of corn for August arrival are still outstanding.
 Indonesian palm oil/product exports, including biodiesel, in February were 2.54 MMT, down 12% from year ago exports of 2.88 MMT, due at least partially to lower exports to China. The country’s palm oil stocks at the end of February were put at 4.08 MMT vs 4.54 MMT in January and compares to year ago Feb stocks of 2.5 MMT.
ï‚· U.S. corn planting is 7% complete, in line with market expectations and compares to 9% average and 5% last year. IL is 8%
planted vs 11% avg, while IA is 2% vs 7% avg. Delays continue in AR and MS, but TX, LA, AL and GA are all in line with or
slightly ahead of average.
ï‚· U.S. soybean planting is 2% complete, in line with expectations, and compares to 1% last year and average.
ï‚· Spring wheat planting continues to get off to a slow start at 7% complete, advancing just 2% last week, vs 11% expected and
18% average. Last year was 4% planted. No progress has been reported for ND yet vs 9% average.
ï‚· U.S. winter wheat conditions declined solidly last week following the cold snap deep into the southern plains with overall
conditions down 5% in good/excellent to 57% vs wire service reported average expectations for a 1% decline. Last year’s crop
was 62% g/e. NE was down 6% g/e, KS down 4%, OK down 10% and TX down 8%. We would note, though, there was
considerable differences in conditions among the classes, though. Based on our state-level acreage weighted calculations of byclass conditions, we see the HRW condition down 4% g/e last week, while SRW conditions were up 5% g/e and winter white
wheat conditions down 6% g/e.
 For more details on yesterday afternoon’s Crop Progress update, see our post at
https://portal.rjobrien.com/MarketInsights/Blog/Read/39828.
 Brazil’s soybean harvest is nearing completion at 92% and compares to 93% last year and 90% average. The 1st corn crop
harvest is 90% complete vs 92% last year and 90% average, while the planting of the safrinha corn crop is complete.
Weather
Other than some light showers in MN, WI, and northern sections of IL/IN tonight, things will be fairly quiet through most of
tomorrow and then a system late tomorrow into Thursday will bring rains of .25-.75â€, isolated to 1â€, to MO and the southern ½ of IL, IN and OH. Another system is indicated to bring rains of .40-1 to southern MN, most of IA, as well as the much of IL, IN and OH by Friday and early Saturday. The 6-10 day period has both models bringing a system through later Monday into Tuesday, but remain mixed in the amounts and placement of the rainfall. The GFS indicates rains of .30-.80†to fall west of the MS River, with totals generally less than .30†east, while the European indicates rains of .30-.80†to fall in WI, MI, IN and OH, with totals less than .30†elsewhere.