News
Markets had a muted reaction to USDA’s April Supply & Demand Report.
USDA showed slightly larger-than-expected U.S. carryover for corn, soybeans and wheat, while global corn and soybean carryover also topped average pre-report estimates. Global wheat carryover was lower.
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Weekly corn sales during the week ended April 4 dropped sharply missing pre-report expectations by a notable 425,000 MT. Meanwhile, soybean and wheat sales were within their respective pre-report range.
Corn showed relative strength overnight while soybeans and wheat favored the downside.
Corn, soybeans and wheat held in tight ranges during relatively quiet overnight trade ahead of USDA’s April crop reports later this morning.
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Wheat led strength overnight with corn following to the upside, while soybeans saw relative weakness.
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Grain and soy futures firmed amid corrective buying overnight, led by HRW wheat contracts.
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Corn, soybeans and wheat each favored the downside overnight, though volume was light.
Corn, soybeans and wheat faced pressure during a lightly traded overnight session.
CCI ratings for both crops are above year-ago, especially for HRW.
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