USDA kept corn and soybean ending stocks unchanged from March, while traders were anticipating a reduction for both crops. Meanwhile, wheat ending stocks rose as expected.
Traders expect lower corn and soybean carryover in today's report, HRW condition ratings historically low and South American crops have 'turned the corner...'
USDA reported soybean and wheat export inspections of 669,566 MT and 335,444 MT, respectively; up over 165,000 MT from the previous week. While corn inspections dropped notably.
Corn and soybeans are under pressure with wheat futures mixed. Cattle futures are lower although traders foresee higher cash trade again this week. Hog futures are mostly higher to start the week.
The credit could provide a major boon to biofuel products made of wastes and oils, but producers are also eyeing a big new market for corn-based ethanol.
USDA reported weekly sales in week ended March 30 were down 55% from the previous week and 42% from the four-week average, while corn sales rose 20% on the week, but were down 26% from the four-week average.
“Total gasoline inventories are lower today than they were last year when EPA issued waivers to address the nation's fuel supply,” the organizations wrote.
Wheat futures were supported overnight by the bigger-than-expected decline in crop condition ratings, while corn and soybeans faced mild selling pressure.
Wheat export inspections in week ended March 30 were reported at 168,543 MT, missing the low-end of the pre-report range by over 130,000 MT. Corn inspections were notable, but still lag last year's pace by nearly 37%.