Apr 08, 2024

It took until the close at 1:20 but the paint was finally dry on today's session. There were some short spurts of volatility but corn and soybeans were mostly locked inside of 3-4 cent ranges throughout the day. Corn finished unchanged to 1 higher and soybeans ended Monday down 1-3 cents. Unless we get a major headline ahead of Thursday's report, expect more of the same leading up to 11:00am on Thursday. Trade is looking for the USDA to make another round of cuts to South American production. Weekly export inspections were strong for corn and beat the trade expectations with 1.42 mln tonnes shipped last week. Soybean shipments were okay with 484k tonnes shipped. The USDA also revised the previous week's report and increased inspection volumes for corn and soybeans.

Some nice general moisture over the weekend will moistly put to rest the "early planting" story the bears had been pitching for a while. Looks like the market will have a normal planting window to price in.

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