4/10/2023

Soybeans trade opposite of the strength in corn and wheat to begin the week. After a slow overnight session that featured mostly lower trade, corn was able to turn positive and print the highs for the day shortly before the close. Soybeans traded steady in the 1-2 cent lower range. Weekly export inspections were within expectations with 805k tonnes of corn and 670k tonnes of soybeans shipped last week. For this week of the marketing year, that was a light number for corn and further slows our shipment pace to 181 million bushels under the USDA export target. Soybean shipment pace continues to build a cushion and is now 60 million bushels ahead of the USDA target. Tomorrow at 11 a.m. the USDA will issue its April installment of the monthly WASDE report where it is expected to see small cuts to the corn and soybean ending stocks for the 2022/23 marketing year. Trade is also anticipating slightly lower production numbers out of South America. Given today's price action, I expect this report to be neutral for corn and friendly for soybeans.

The 550’0 area is developing into an important support area on Dec 23 corn futures.