Apr 13, 2022

Trade pulled a bit of a head fake overnight and early in the day session with corn down 5-10 and soybeans 15-20 lower, giving the impression that someone was trying to sell this off.  Corn found solid buying interest at that level and was able to pop to new contract highs late in the day.  Soybeans bounced off of their lows, as well, with the July 22 contract finding technical support at the 20-day moving average for the fourth consecutive day.  After announcing a huge corn export sale to China to start our week, there were no 8 a.m. announcements from the USDA yesterday or today.  The weekly ethanol report showed output off 8,000 bpd to 995,000 bpd and stocks off 1.1 million barrels to 24.8 mln bbls.  Brazil export performance for April is easily going to beat market estimates with Brazilian corn, soy, and wheat shipment volumes all well above their expected levels.  Trade is expecting Friday's NOPA crush report to show nearly 182 million bushels crushed in March with estimates ranging from 179.2-186.0 million bushels.  If realized, this would be a March crush record.  One story not getting much attention is the Argentina trucker strike, which seems like it has become annual event not unlike the Super Bowl or World Series.  Truck owners and government officials met today but no resolution was found.

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