5/1/2023
May 01, 2023
Monday was a lack-luster day for the corn trade. After drifting either side of unchanged overnight, corn was stuck in steady 1-2 lower trade through most of the session. Not surprising considering we are entering the heart of planting season and weather forecasts look very ideal for putting crop in the ground. Barring a surprise, any rallies will likely be short lived over the next couple weeks. Going against the grain today was soybean trade which ended the day 8-15 cents higher in steady fashion. The bounce in beans is partially corrective after a sharp fall-off on the board last week and seasonal trends are mostly at play. Weekly export inspections for corn came in above expectations at 1.518 mln tonnes, a marketing year high but average for this week compared to past years. Soybean inspections were mid-range at 400k tonnes. Shipment pace for corn is now 165 million bushels behind the USDA target, improving from the 183-million-bushel deficit last week. Soybean export pace continues to hold steady ahead of the USDA pace. We are currently 64 million bushels ahead of the USDA target, up 2 million bushels from last week.
