Friday April 24, 2020

• Trade reacting to actual export sales from yesterday this morning – rather than the excitement of potential sales that overwhelmed the markets earlier this week 
• Soybeans looking at bringing in a weekly gain – just off lows 
• ADM idling ethanol production out of plants across the mid-west
• Russian analyst predicting they will meet export cap by the last third of May – total exports for the month of April estimated at 4.14 MMT – up from 3.9 MMT in March and leaving only 2.86 MMT left for May export within current restrictions
• South American weather continues to look dry in the 10 day – we will keep an eye on this development and see if it will amount to enough to cause production concerns for Brazil’s safrinha corn crop