4/6/2023
Apr 06, 2023
It was risk-off into the holiday weekend with trade reacting to multiple signals. A combination of an improved forecast, short-term profit taking, potential tension escalation between the U.S./Taiwan/China, and active farmer selling out of South America. Corn and soybeans spreads working off of the May contracts were volatile again today. The May:July soybean spread has traded over a 12 cent range over the past two days! Net export sales were above average for corn for the week at 1.247 mln tonnes sold. Soybean sales underperformed at 155k tonnes. On the plus side, this week's downturn in the futures already have rumors swirling of some fresh old crop export business. It looks like the market has done its job over the past 4 weeks and found a number that interests corn buyers. Reminder: The markets are closed tomorrow in observance of Good Friday. Glacial Plains offices will also be closed.