4/7/2022
Apr 07, 2022
Nothing noteworthy has changed in our fundamentals over the past 24 hours but corn and soybeans were the beneficiary of a large money flow back in. Weekly export sales were extremely vanilla and dead center of the trading estimate ranges with 782k tonnes of corn and 800k tonnes of soybeans sold. CONAB released their April production estimates for Brazil corn and soy with an increase in corn (115.6 mmt, +3.3 mmt from Mar) and a slight cut in soy (122.4 mmt, -0.4 mmt from Mar). Tomorrow, we get our April WASDE report from the USDA and it's expected to be a quiet one with small cuts in U.S. ending stocks and changes in Brazil production similar to those from CONAB. Next month, the USDA will release its first supply and demand numbers for the 2022 crop and that will likely get more attention than tomorrow's report. In a show of incredible market strength, new crop soybeans are now trading back near levels seen prior to last week's planting intentions report. That report was extremely bearish for soy and now the effect it had on the market can be read as neutral. Reminder: Glacial Plains will be close next Friday, April 15 in observance of Good Friday. The grain markets will also be closed that day.
