Grain Marketing Specialist
Corn: As of 7:45- 3 lower
USDA releasing April WADE data tomorrow. There is some concern about dryness effecting Brazil’s second crop corn production, but production estimates expected to slightly larger than a month ago. US carry out expected to increase slightly as well to 1.849 bbu. Forecast looks favorable for planting progress.
Soybeans: As of 7:45- 3 higher
Average estimate for tomorrow’s report at a slight decrease to US ending stocks, but still ample and slight increases to SA production. Fund activity noted last night pushing us to a new high for the move and levels we haven’t seen since last Oct. New crop corn/bean ration over 2.5 this morning as the trade will balance planting conditions/progress vs. profitability.
Wheat: As of 7:45- Spring 4 lower, Winter 9 lower
Weather seems to be in the forefront this morning as much of HRW growing area’s look to catch some showers this week. 6-10 day forecast also calling for above average precip. Ave estimate for tomorrows WASDE report have ending stocks creeping up to 978 mbu vs. 966 a month ago.