Grain > Commentary > 4-3-2023

4/3/2023

Apr 03, 2023

What looked to be a hot start to the week cooled off for corn by mid-day. Commodities were expected to open higher following the announcement over the weekend from OPEC+ that crude production would be cut. A decision that is an assumed reaction to the U.S. strategic petroleum reserves not being supplemented at previously stated prices. The markets spent most of the overnight firmly in the green and corn traded out to 9 cents higher shortly after the 8:30 re-opening. Corn ended the day with the front contract down 2'6 cents and fractional to 1 cent higher finishes from July 23 and further out. Soybeans started out the session in strong fashion and held throughout the day, finishing 13-18 higher. Spreads off of the May contracts softened today. There were 2 export sale confirmations from the USDA this morning: 150,000 metric tons of corn to Mexico for 2023/24 and 20,000 metric tons of soybean oil to unknown destinations in 2022/23. Weekly export inspections were near the top-end of estimates for corn at 1.097 mln tonnes inspected, soybean shipments were mid-range at 499k tonnes. Corn pace holds steady but should begin to close the gap on the USDA target during April.

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