Grain > Commentary > 4-8-2024

4/8/2024

Apr 08, 2024

It took until the close at 1:20 but the paint was finally dry on today's session. There were some short spurts of volatility but corn and soybeans were mostly locked inside of 3-4 cent ranges throughout the day. Corn finished unchanged to 1 higher and soybeans ended Monday down 1-3 cents. Unless we get a major headline ahead of Thursday's report, expect more of the same leading up to 11:00am on Thursday. Trade is looking for the USDA to make another round of cuts to South American production. Weekly export inspections were strong for corn and beat the trade expectations with 1.42 mln tonnes shipped last week. Soybean shipments were okay with 484k tonnes shipped. The USDA also revised the previous week's report and increased inspection volumes for corn and soybeans.

Some nice general moisture over the weekend will moistly put to rest the "early planting" story the bears had been pitching for a while. Looks like the market will have a normal planting window to price in.

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3/31/2025
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3/11/2025
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The monthly USDA WASDE report was today and it was about as boring as it can get.  The USDA took the month off leaving corn and beans carryouts unchanged.  Corn remains at 1.540 billion bushels and beans at 380 million bushels.  World ending stocks were slightly lowered on both corn and beans.  World corn was pegged at 288.94 million tonnes vs 290.3 million tonnes previously.  World beans were pegged at 121.4 million tonnes vs 124.3 million tonnes previously.  All of the South American crop production estimates were also left unchanged.  
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Aug 30, 2024
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