4/1/2024

An unfavorable start to the week for corn after last Thursday's friendly report.  Corn never saw higher trade of any kind throughout the session and ended Monday off 3-6 cents.  Soybeans followed lower in what was a very quiet session for soy.  Weaker spreads held the bigger losses on the front months and new crop corn is still 6 cents within Friday's high.  New crop soybeans are roughly 30 cents off of their recent high but have found some simple technical support with the 20 and 50-day moving averages.  The May corn and soybean contracts have also found some simple moving average support.  Weekly export inspection volume continues on with traditional volume for corn and soybeans.  Corn shipments were reported above trade expectations with 1.432 mln tonnes last week.  Soybean shipments came in low at 414k tonnes.  Wheat had its best week of the marketing year and out-performed trade expectations wiht 499k tonnes shipped.  Soybean shipment pace is slowing and is just 10 million bushels above the USDA export target.  Corn shipments exceed their target pace by 45 million bushels and continue to grow.  A good sign the U.S. corn market is low enough to generate demand.