Grains ended the day mixed as corn showed relative strength and wheat struggled to maintain overnight gains. Soybeans closed lower, soy products saw active spreading. Cotton saw profit-taking and livestock finished mixed
Corn inspections during the week ended April 4 were down 51,859 MT from the previous week but topped pre-report expectations. Wheat and soybean inspections also fell from the previous week but were as expected.
Corn, soybeans and wheat each traded on both sides of unchanged overnight, though saw increased buying towards the end of the overnight session, each going into the break nearer session highs.
Strong gains in wheat led the corn market modestly higher overnight, while soybeans continued to struggle against technical resistance. Each saw increased selling into the break.
Corn and soybeans are expected to open under light pressure. Wheat is expected to be mixed, with SRW lower, while HRW and HRS futures are likely to open with a firmer tone.
Weekly soybean sales during the week ended March 28 missed the pre-report range, while corn sales landed below 1.0 MMT for the first time since mid-February. Shipments, however, reached a marketing-year high.
Corn, soybeans and wheat each traded in tight ranges during low volume trade overnight. Soybeans favored the upside and wheat favored the downside modestly into the break.
Weekly corn and wheat inspections each topped pre-report estimates for the week ended March 28, while soybeans missed the low-end pre-report estimate by 86,000 MT.
USDA reported corn acres of 90.036 million acres for 2024 and March 1 stocks of 8.347 billion bu., both well below trade estimates. Soybean acres were slightly lower than expectations, while stocks were higher.
